India Sees No Hit To Fuel Exports From EU Feb 5 Action On Russian Imports

India, a major consumer of Russian oil, does not anticipate its gasoline exports to be disrupted by a European Union ban on the invest in of Russian refined fuels starting Feb. 5, oil secretary Pankaj Jain explained on Friday.

Indian refiners have been gorging on Russian oil bought at a lower price as some Western entities shun purchases from Moscow next its invasion of Ukraine in late February.

Some Indian refiners system Russian oil and ship the refined goods to the west, such as Europe.

Jain mentioned the Feb 5 motion bars the EU from importing refined fuels from Russia and not from any other state.

The European Union will ban Russian oil product imports, on which it relies heavily for its diesel, by Feb. 5.

“(The) next bring about point is Feb. 5. Unless of course a thing spectacular comes about geopolitically .. we are in a steady condition,” Jain stated.

So far Indian companies are not dealing with any difficulties in procuring Russian oil, Jain additional.

The EU, G7 nations and Australia launched $60 for every barrel cost caps on Russian oil, effective from Dec. 5, on leading of the EU’s embargo on imports of Russian crude by sea.

The EU ban on imports of Russia’s seaborne oil has pushed Moscow to seek out substitute markets, generally in Asia, for about 1 million barrels per day.

Indian corporations are purchasing Russian oil at down below value cap amount, sources told Reuters previously this week.

Jain stated Indian corporations are not dealing with any challenges in shelling out for Russian oil as the hottest steps by the West do not impression trade settlement mechanisms.