NEW DELHI: In 2023, Europe saw a significant increase in its imports of refined oil from India, coinciding with a notable rise in India's imports of Russian crude oil.
This figure represents the highest in the past seven years and possibly the highest ever.
"Oil revenues are crucial for the Russian economy, enabling President Putin to fund military operations and sustain the ongoing war.
Approximately 30% of the refinery's exports in 2023 were directed to Europe.Smith commented on the situation, said, "This is undermining sanctions, but it is also a grey area.
It is impossible to extricate Russian crude or products created from Russian material from the global market.
"In 2023, around 20 of the 27 EU countries imported refined products from India, with the Netherlands, France, Romania, Italy, and Spain being major importers.
The EU remains the largest importer of fossil fuel energy from Russia, despite leading the implementation of strict sanctions against Moscow, the report said. »
