The European Union (EU) should crack down on India reselling Russian oil as refined fuels including diesel into Europe, the blocs chief diplomat has said, as western nations move to tighten sanctions on Moscows energy sector, the media reported.
Josep Borrell, the EU's high representative for foreign policy, told The Financial Times that Brussels was aware that Indian refiners were buying large volumes of Russian crude oil before processing it into fuels for sale in Europe, saying for the first time the EU should act to stop it.
"If diesel or gasoline is entering Europe?.?.?.?coming from India and being produced with Russian oil, that is certainly a circumvention of sanctions and member states have to take measures," Borrell said.
India has become one of the biggest buyers of Russian crude oil since the invasion of Ukraine, with its refiners earning large margins by buying heavily discounted crude that is now largely barred from the EU, before selling full-priced fuels into Europe, The Financial Times reported.
The trade is legal under EU sanctions but has been criticised by those who want to see harsher sanctions imposed on Russia and argue that it has allowed Moscow to keep earning large revenues from its oil sales -- the biggest component in the Kremlin's budget.
Borrell acknowledged that the G7 price cap -- which aims to limit Russian crude oil sales to other countries to $60 a barrel -- had helped cut Russia's oil revenues, and said it was understandable India wanted to take advantage of cheaper crude.
But the top EU official suggested he was uncomfortable that much of that oil was now flowing back to Europe in the form of refined fuels, The Financial Times reported.
"That India buys Russian oil, it's normal. And if, thanks to our limitations on the price of oil, India can buy this oil much cheaper, well the less money Russia gets, the better," Borrell said.
"But if they use that in order to be a centre where Russian oil is being refined and by-products are being sold to us? We have to act."
Borrell's comments come ahead of a meeting on Tuesday with India's External Affairs Minister S. Jaishankar, where he will raise the issue, he said.
No survivors yet of mid-air Washington DC collision
No survivors have yet been found of American Eagle Flight 5342 that collided with a US Army Black Hawk helicopter near the Reagan National Airport in Washington DC Wednesday night.
Will make proposals based on NE’s socio-economic & geographical situations: Arvind Panagariya
The 16th Finance Commission while making its recommendations would keep in mind the socio-economic and geographical situations of the northeastern states, the panel chairman Arvind Panagariya said here on Thursday.
Assam Rifles, Tripura Police seize drugs worth Rs 6 crore
Assam Rifles, in coordination with police, conducted a joint operation and seized and destroyed ganja (marijuana) plantations worth around Rs 6 crore in Tripura, officials said on Thursday.
CPI-M has mastery in misleading people: Tripura CM Saha
Tripura Chief Minister and senior BJP leader Manik Saha on Wednesday slammed the opposition CPI-M, stating that the party is a "master in misleading people", and it never acknowledges development.
Govt implementing multi-faceted plan for overall development of Tripura: CM
Tripura Chief Minister Prof. Dr. Manik Saha today said that Tripura has now emerged as one of the fastest-developing states in the North Eastern region.
UP medical varsity introduces gold medal in Tripura CM’s name for meritorious students
King George’s Medical University (KGMU) in Uttar Pradesh’s Lucknow has announced to introduce a gold medal in the name of Tripura Chief Minister Manik Saha.
CM Dr Manik Saha chairs meeting to prepare road map for Organ donation and transplantation
In yet another significant stride towards boosting the state’s health sector, the Tripura government is mulling to prepare a road map for Organ donation and transplantation.
Countdown to oust BJP, IPFT and Tipra Motha from power started: Tripura CPIM
In a show of political strength, the Tripura CPIM organized a massive gathering near Rabindra Shatabarshiki Bhawan at Agartala; with state committee secretary Jitendra Chaudhury declaring that the countdown for the BJP, IPFT, and Tipra Motha’s rule in Tripura has begun.