I first saw this in a Spanish forum, but I see that a national newspaper in Spain has brought it out.
https://www.elmundo.es/economia/macroeconomia/2022/06/04/629a1c44e4d4d8fb2a8b460d.htmlIn English:
https://www.marketwatch.com/story/why-india-is-set-to-win-big-as-eu-bans-russian-oil-imports-11654021874India is receiving 600,000 barrels per day from Russia compared to 90,000 barrels per day last year, which buys at below market price, refines and sells at a higher price to Europe. What a masterstroke by the European Union, LMAO.
Nobody thought of this? Last Friday the EU adopted sanctions banning oil imports from Russia.
https://thehill.com/policy/energy-environment/3511129-eu-officially-adopts-russian-oil-embargo/Once this has come to light, what are they going to do? Not buy from India? It reminds me of exchanges or other entities that don't want tainted coins.
I put this comment here because I think it is the key to the issue:
Once the oil is refined in to diesel, it will be impossible to know about it's origin. And here, the situation is further complicated by the fact that the two oil companies who have purchased huge amounts of oil recently (Nayara Energy and Reliance Industries) also import a lot of oil from Iraq and Saudi Arabia. So they can always claim that the diesel they sell to the EU is sourced from Iraqi crude. After all, it is same substance with the same chemical composition coming from different oil wells. There is no 100% accurate method to find out how many molecules came from Russia, and how many came from Iraq.
So India claims that what it sells to the EU does not come from Russia, the EU claims that what it buys does not come from Russia, when most likely at least some of what it buys from India comes from Russia, and more expensively. LMAO.
Well, what a convenient way for everyone to bypass sanctions while still abiding by the sanctions
As you mentioned, there are ways to find out where the oil came from, and I honestly don't doubt that all parties are aware of where it comes from, but we have to take into account the rampant globalization that has been going on for the last, oh, 100years, and it would be completely impossible to dead stop it like we think it should due to sanctions. Things like this are bound to occur, but it will be reduced with time. Things like that can't happen overnight.