EU restrictions on Russian oil could impact India’s USD 15 bn fuel exports, says think tank

New Delhi, July 20: India’s petroleum product exports worth USD 15 billion to the European Union (EU) may be at risk as Brussels moves to restrict imports of Russian crude oil refined in third countries, economic think tank GTRI said.
The 18th package of sanctions by the 27-nation EU included a set of measures largely aimed at curbing the revenues of Russia’s oil and energy sector, such as an import ban on refined petroleum products made from Russian crude oil and coming from any third country.
The Global Trade Research Initiative (GTRI) said that a central component of the package is a ban on the import of refined petroleum products made from Russian crude and exported via third countries, excluding only a select few allies like the US, UK, Canada, and Switzerland.
This measure will hurt nations such as India, Turkey, and the UAE, which have been refining Russian crude and selling diesel, petrol, and jet fuel to Europe, it said. (PTI)