Borrell called for sanctions to limit India’s purchases of Russian oil
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Head of European diplomacy Josep Borrell in an interview Financial Times (FT) said that the European Union is aware that India is buying Russian oil in large volumes in order to sell it to Europe after processing. Mr. Borrell believes that the EU should take additional measures against India to prevent the purchase of Russian oil.
“If diesel fuel or gasoline comes to Europe from India and is produced from Russian oil, then this is, of course, a circumvention of sanctions, and EU member states should take action,” the head of European diplomacy said.
The FT notes that India has become one of the largest buyers of Russian crude oil since the start of the military conflict in Ukraine. Indian refiners began to profit more by buying Russian crude oil at a significant discount.
After processing, fuel from India is delivered to the EU countries. This trade does not violate previous sanctions against Russia, but is criticized by those who call for tougher restrictions, writes the FT.
According to Josep Borrell, the price cap on Russian oil, which was introduced in December 2022 by the G7 countries, the EU and Australia at $60 per barrel, has reduced Russia’s revenue from the sale of fuel. “The fact that India is buying Russian oil is normal. Thanks to our restrictions, India can buy oil much cheaper. And the less money Russia receives, the better,” he added.
At the same time, Mr. Borrell stressed that if the Indian side uses Russian oil for resale to European countries, “it is necessary to act.” The head of European diplomacy believes that any mechanism that will reduce the sale of Russian oil should be implemented by the “national authorities” of the EU countries.
The oil price ceiling was introduced by the G7, the EU and Australia. From December 5, 2022, there is a price ceiling for oil at $60 per barrel, from February 5 – for oil products from Russia at $100 and $45 per barrel. From February 5, there is also a restriction on the cost of petroleum products. Russian President Vladimir Putin in response banned supply of oil and oil products under the price ceiling without his personal permission.
The Ministry of Energy claimed that Russia was able to redirect the volume of supplies of oil and oil products that fell due to the embargo of the European Union and the G7 countries. Russian Deputy Prime Minister Alexander Novak at the end of April led data: Russia in 2023 will redirect over 60% of the oil supplied to Europe.
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