In the first nine months of this year, India's oil exports to the European Union (EU) shot up by 58%. This spike has raised eyebrows, as much of this oil is processed from Russian crude — the very oil the EU banned following the Ukraine conflict. This intriguing shift is part of a complex dance of energy politics, where India, a top global oil consumer, has found itself profiting from a loophole in the sanctions.
According to the Centre for Research on Energy and Clean Air (CREA), a think tank, India's refineries are increasingly dependent on Russian oil. Russia has even become India’s second-largest supplier of fossil fuels. In October alone, nearly 77% of what India imported from Russia — worth a whopping $2 billion — was crude oil.
The roots of this situation go back to early 2022, when the EU and G7 nations set up sanctions against Russian oil. They introduced a price cap on Russian crude and prohibited direct imports of oil products refined in Russia, aiming to hit Russ...
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