Since Russia’s invasion of Ukraine on February 24, Indian refiners have increased their imports of crude oil from Russia. According to the Finland-based Center for Research on Energy and Clean Air (CREA), imports have risen steeply since the Russian invasion began. According to the report, India’s share of Russian crude oil exports rose from 1% to 18% by May.
India gets that oil at a 20% discount from world pricing*.
As with Iranian oil in the past, once Russian crude is refined, it will become almost impossible to distinguish between those barrels and others as they re-enter the international market," Rystad Energy writes.
North America also increased imports of petroleum products from India. In April 2022, imports totaled $435 million, up from $220 million in April 2021.
https://www.theamericanconservative.com/articles/bidens-war-… sanctions were going to win the battle, forcing Russia to withdraw at the risk of her economy’s collapse, perhaps along with Putin’s own regime. The problem is that not only has that not happened, but sanctions have actually aided Russia. Though Russia’s energy exports fell by volume in reaction to American sanctions, surging prices driven by supply shortages have more than canceled out the sanctions’ effects.Russia’s export prices have been on average around 60 percent higher than last year,driven by simple supply and demand. The E.U. reduced its direct imports of Russian crude oil by 18 percent, but thanks to Russian re-exporters India and the United Arab Emirates, that has led to no net change in Russia’s overall oil-export volumes.
China, too, has helped make up for the E.U. shortfall, albeit more for domestic use and not to re-export into the global market, as the largest single buyer of Russian energy. Japan holds that title for unsanctioned Russian coal exports. Even the U.S. has helped out, buying unsanctioned, highly refined oil products from the Netherlands and India that were at least in part made from Russia crude.
sanctions were going to win the battle, forcing Russia to withdraw at the risk of her economy’s collapse, perhaps along with Putin’s own regime. — Said literally no one, ever.
From March of this year: www.reuters.com/world/uk/uk-says-russian-sanctions-could-be-…
British foreign minister Liz Truss says sanctions imposed on Russian individuals and companies could be lifted if Russia withdraws from Ukraine and commits to end aggression, the Telegraph newspaper reported on Saturday. Britain and other Western nations are using economic sanctions to cripple the Russian economy and punish President Vladimir Putin for invading Ukraine, seeking to press him to abandon what he calls a special military operation to demilitarise and “denazify” Ukraine.
I believe what is important is the fact that oil sanctions are not working. And North America has doubled importation of refined oil from India refineries that has some if not entirely of Russian oil as it is virtually impossible to distinguish between barrels of refined Russian oil & refined oil from other sources. The sanctions however are very successful in driving up the price of oil so that Russia along with other oil producers have benefited. Thus little impact upon the Russia economy as “Russia’s export prices have been on average around 60 percent higher than last year.”