Hacker News new | ask | show | jobs
by wilburTheDog 1123 days ago
Not smarter. Not even trying to hide it. And Russia is selling oil at a price they set. It's just the EU that's paying more to pretend they aren't doing business with Russia.

"India’s diesel exports tripled to ~1,600,000 barrels per day in March 2023, compared to a year ago, making diesel one of the largest components of India-EU trade."

https://oilprice.com/Energy/Crude-Oil/India-Leads-In-Russian...
1 comments
vegardx 1123 days ago
India imports crude oil from Russia and refines it into products that Europe wants, like diesel as you mentioned.

You forgot to mention that Europe imported almost all diesel from Russia.

link
wilburTheDog 1122 days ago
As of January this year Russia provided about 1/4 of the diesel imports for Europe. That's down from pre-war levels.

https://www.spglobal.com/commodityinsights/en/market-insight...

"Although still high, Europe's dependence on Russian diesel has almost halved from pre-war levels when the region sourced 46% of its diesel imports from Russia, the data showed."

link
vegardx 1122 days ago
As of January the sanctions weren't in full effect. Like the article mentions the ban on refined oil products wasn't in full effect before 5th of February.

Russia has lost the single largest market they have for refined oil products, like diesel and gasoline. This is being replaced by increased production in European countries and emerging markets, like India. India is buying crude oil from Russia at a discounted price. Around a quarter of the cost of refined oil products is based on price of crude oil. Russia has more or less gutted it's entire refined oil industry. India, amongst others, are picking up the pieces.

So no, your assessment that Europe is pretending that they're not doing business with Russia is completely missing the mark.

link