EU looking at petroleum products made from Russian crude oil in India finding way to its market
petroleum products made from Russian crude oil in India finding way to the European market, saying it defies the purpose of the sanctions against Moscow that are aimed at reducing its ability to finance the war with Ukraine. The European Union's Executive Vice-President and Commissioner for Trade, Valdis Dombrovskis, said oil products processed from Russian crude oil are arriving at the European market in «large quantities» and the grouping is looking at ways to deal with it.
In an interaction with a small group of journalists, the EU Vice President, currently on a visit to India, accused Russia of using its energy supplies, and food as «tools» of «war and manipulation» to continue its attack on Ukraine.
On the issue of food, Dombrovskis cited Russia withdrawing from the Black Sea grain initiative and blocking Ukraine's export of food grain to the world market.
Since Russia's invasion of Ukraine in February last year, the Western powers have imposed a series of sanctions on Moscow including a price cap on Russian oil by G7-plus nations, in order to reduce its ability to finance the war on Ukraine.
Notwithstanding the restrictions, India's procurement of discounted crude oil from Russia has witnessed a major upswing in the last over one year.
«We are obviously aware that a number of countries, including China and India have not joined those sanctions. We are aware that Russia is actively seeking alternative markets for the lost European market,» Dombrovskis said.
The EU trade commissioner said this while asked about India's increasing trade relations with Russia, especially its procurement of discounted Russian crude oil.
«We indeed see new trade patterns emerging.
