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Indian Backdoor for Russian Oil Weakens Calls for European Ban

  • The South Asian nation is becoming a huge buyer of Russian oil
  • Indian refiners are steadily selling more fuel to Europe
An oil refinery in Nizhny Novgorod, Russia.

An oil refinery in Nizhny Novgorod, Russia.

Source: Bloomberg

Growing calls for the European Union to ban Russian oil imports may be overlooking a crucial flaw in its strategy to punish Moscow: India.

The South Asian nation is becoming a huge buyer of Russian oil, snapping up crude cargoes that are going unwanted by European importers. And with several European countries and oil majors self-sanctioning Russian purchases and starving themselves of fuel, India is already profiting from selling diesel onward to Europe.