Russian oil finds way to Europe via India

India becomes largest fuel supplier to EU; becomes 2nd biggest buyer of Russian crude oil since Ukraine war, with purchases rising from less than 1% in pre-Ukraine war to almost 40% of country's total oil purchases

India's export of fuels like diesel to the European Union jumped 58 percent in the first three quarters of 2024, with a bulk of them likely coming from refining discounted Russian oil, according to a monthly tracker report. The EU/G7 countries in December 2022 introduced a price cap and an embargo on the imports of Russian crude oil in a bid to cripple Kremlin's revenue and create a vacuum in its funding for the invasion of Ukraine.