Oil products sales to Europe from Indian refiners have nearly doubled to $15 bln. Anti-Russian sanctions are not watertight: yet, risks of an energy inflation revival make an EU ban a tough call, says ShritamaBose
In striving to weaken Russia, Europe is likely to avoid a crude approach.Leaders attending the Group of Seven nations meeting in Hiroshima on May 19 to 21 pledged to further prevent the circumvention of sanctions imposed against Russia after its invasion of Ukraine, including by engaging with third countries through which restricted goods or technology may enter Russia. The European Union is working on its 11th package of sanctions against Moscow.
Josep Borrell, the European Union’s high representative for foreign affairs and security policy, told the Financial Times in an article published on May 16 the bloc shouldBorrell clarified in adated May 19 on the website of the European Union External Action Services – which the EU’s chief diplomat leads - that the purpose of his earlier statement was not to criticise the Indian government but to say that the EU must take a closer look at how European companies are circumventing sanctions by...
India’s External Affairs Minister S Jaishankar said at a press conference on May 16 that Russian crude, when “substantially transformed” in a third country, is not treated as Russian anymore, pointing to EU Council Regulation 833/2014. European Commissioner for Competition Margrethe Vestager said the legal basis of the EU sanctions is not in doubt and it is “a discussion that we will have with friends, but it would be with an extended hand, and of course not with a pointed finger.
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