Russian oil still flows to embargoed countries such as the US via a third country in Asia, Markets Insider and Asia Financial report.

A report by Swiss consultancy Petro-Logistics shows that Russian oil imports to India exploded this year as Prime Minister Narendra Modi’s country took advantage of huge discounts given by Moscow on oil exports.

India imported 583,000 barrels of Russian crude daily between April and June, compared with just 36,000 barrels per day in 2021, according to the report. And the export of oil from India, in turn, increased.

While it is difficult to determine exactly how much of the Russian crude oil imported by India is then exported, data from financial reports published by Indian companies provide clear clues as to its final destination.

“We took the percentage of Russian crude oil imports and compared it to the exports of refineries that have been importing it since the start of the war,” analysts at Petro-Logistics explained in their report.

Of the countries that imposed sanctions against Russia, South Korea imported 31,000 barrels per day, Singapore – 23,000, the USA – 15,000. Australia and several European countries were among the main importers of Russian oil before the “special forces operation” launched by Vladimir Putin on February 24.

The USA, EU, Great Britain and Canada introduced sanctions against the import of Russian oil

US President Joe Biden announced on March 8 that the United States would completely ban the import of natural gas and oil from Russia, saying at the time that “victory will come with a price” and that “Ukraine will never be a victory for Putin.”

Petro-Logistics says the U.S. imported gasoline from India mainly to meet high demand during the summer when Americans go on vacation.

“In practice, it is very difficult to determine whether oil molecules from Russia reach countries that have imposed sanctions. But because of the interchangeable nature of oil, the data can at least show us where Indian refineries that have Russian oil are sending their products,” the Swiss company said in a report.

The European Union reached an agreement on oil imports from Russia in early June, giving Hungary a waiver to persuade the government in Budapest not to use its veto.

British Prime Minister Boris Johnson, in turn, announced on March 8 that London will completely stop importing oil from Russia by the end of the year.

The statements by Boris Johnson and Joe Biden, made on the same day, came after Canadian Prime Minister Justin Trudeau announced on February 28 that his government would ban Russian crude oil imports.

But unlike the EU, both the US and Canada are also important oil producers. The United Kingdom, while producing part of its annual oil consumption domestically, also has easy access to Norwegian exports from the North Sea.

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