These imports in 13 months were equivalent to 68 per cent of the EU's annual commitment to aid Ukraine between 2024 and 2027.
"In the 13 months since the oil price cap took effect (in December 2022), over one-third of India's exports of oil products to sanctioning countries was derived from Russian crude (EUR 6.16 billion or $6.65 billion)," the Finland-based CREA had said in the previous report.
While there are no restrictions or sanctions on buying/using Russian crude oil and exporting fuels like diesel derived from it, the Group of Seven (G7) rich nations, the European Union and Australia - called the price cap coalition countries - first set a crude price cap of $60 per barrel starting December 5, 2022, and later on products like diesel to keep the market supplied while limiting Moscow's revenue.
This story is from the New Delhi 11November2024 edition of Millennium Post Delhi.
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This story is from the New Delhi 11November2024 edition of Millennium Post Delhi.
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