India fills Europe with products of Russian oil processing. According to data published by Reuters in March, New Delhi bought 1.6 million barrels per day from Moscow. Thus, Russia became the country’s first supplier, despite high transport costs, with a share that is now almost twice that of Saudi Arabia, the Italian press writes.

, took second place in the rating. Due to sanctions (complicating the insurance of goods and bank credit transactions for their purchase), Russian oil is sold below market quotations. This allows Indian refineries to process it and resell the resulting products in Europe, accumulating large profits. Before the invasion of Ukraine, Europe imported 154,000 barrels of diesel and aviation fuel per day from India. Today, purchases exceed 200,000 barrels. 30% of diesel fuel refined in India goes to Europe, up from 22% a year ago. The main European buyers are France, Turkey, Belgium and the Netherlands.

Russia’s hydrocarbon business is so profitable that even Saudi Arabia, swimming in a sea of ​​high-quality and easy-to-produce oil, has begun importing more and more oil from Moscow to meet domestic needs and sell even larger volumes. its oil to Europe. Turkey, Brazil, China, Tunisia, Morocco… other countries that have increased crude oil imports from Moscow. In March, the volume of Russian diesel imported by Singapore doubled compared to last year and exceeded 342,000 barrels.

Sooner or later, Europe will have to face an embargo on Russian oil and gas, which leaks everywhere and ends up hurting primarily, if not exclusively, the Old Continent.

It is common knowledge that Moscow managed to divert a significant part of its flows. It is also well known that Russian products continue to arrive in Europe (but at higher prices) after triangulation with other countries. The United States, the world’s largest oil producer and nearly self-sufficient, does a very good business selling liquefied natural gas (LNG) to European countries, which compensates for lower supplies from Russia.

Japan pulled out of the anti-Putin alliance, choosing to continue buying Russian oil, paying more than 60 euros under the Western embargo imposed in response to the invasion of Ukraine. It is always useful to remember that the Kremlin’s income comes mainly from crude oil. In 2019, the last normal year, Moscow earned $190 billion from oil exports, compared to $50 billion from gas sales. It was enough for Russia to raise $40 per barrel to finance 100% of the state budget.

Meanwhile, Italy is dealing with the issue of the Priolo refinery in the Syracuse area. The main Italian plant, which supplies 20% of the fuel consumed in Italy, is owned by Russia’s Lukoil, which is now trying to sell it to private equity group Argus, whose €1.5 billion bid outbid Crossbridge Energy Partners. from the USA.

Argus is based in Cyprus, a strong and traditional bastion of Russian capital, prompting the government to conduct a thorough review of the corporate structure of potential buyers, which appeared to have no ties to Moscow. The sale was supposed to be completed at the end of March, but the Italian government asked for more time and responded to concerns, not entirely disinterested, from the United States. The file was supposed to be considered by the Council of Ministers today, but it will probably take some time before it gets the green light. Conditions of approval include careful monitoring of the origin of the oil used in the plant.

The material was made with the support of the RADOR agency