ForumIAS announcing GS Foundation Program for UPSC CSE 2025-26 from 19 April. Click Here for more information.
ForumIAS Answer Writing Focus Group (AWFG) for Mains 2024 commencing from 24th June 2024. The Entrance Test for the program will be held on 28th April 2024 at 9 AM. To know more about the program visit: https://forumias.com/blog/awfg2024
Contents
Source: The post is based on the article “Not violating sanctions on Russian oil, says Centre after EU Minister’s charge” published in The Hindu on 17th May 2023
What is the News?
The European Union’s (EU) Foreign Minister has said that Europe should not permit the entry of refined petroleum products from India that are made from Russian oil.
What is the issue?
India has become one of the biggest buyers of Russian crude oil since Russia’s full-scale invasion of Ukraine with its refiners earning large margins by buying heavily discounted crude that is now largely barred from the EU, before selling refined fuel into Europe.
The trade is legal under EU sanctions but has been criticized by those who want to see harsher sanctions imposed on Russia and argue that it has allowed Russia to keep earning large revenues from its oil sales.
What is the EU’s response to this?
The EU has said that it was aware that Indian refiners were buying large volumes of Russian crude oil before processing it into fuels for sale in Europe.
It said that it was normal if India was buying cheap Russian oil but that it was not acceptable for that oil to be routed to Europe via refined products.
What is India’s response to this?
India has denied that it was violating sanctions and said it was not possible to fully identify the origins of petroleum products being sold in Europe.
