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by wilburTheDog
1122 days ago
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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." |
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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.