EU buys products from Russian oil via Turkey and India

Today I want to talk about the ridiculous charade being played out over Russian Oil and how Russia working with India and Turkey continues to supply the US ,UK and EU will oil and oil products.
Now as you are all aware oOver 2 and half years ago the US and allies introduced sanctions against Russian oil and petroleum products.These sanctions were the total ban on the importation of any Russian oil or any petrol,diesel or other petroleum based products.This ban was to the all the EU member states plus the UK and US.At the time of the ban the US was buying a large quantity of Russian oil for refining as its Urals crude is better for refining than West Texas Intermediate the predominant type of oil produced in the USA.
Most of the EU countries were also dependent of Russian oil supplies so they rushed to find other suppliers where they could find them.

Now it has transpired that despite the prohibition on imports of oil and oil products, Russian fuel is actively being supplied to European markets, exploiting loopholes in the sanctions.
Allegedly Western companies have paid Moscow two billion dollars over the last six months alone , according to the Center for Research on Energy and Clean Air (CREA) and the Center for the Study of Democracy (CSD). So how is it.possible that Russia is able to circumvent all the sanctions imposed on them?
Well the analysis of the revealed that the increase in gasoline and diesel supplies was the result of the operations of three oil refineries in Turkey.
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One of the refineries, Azerbaijan's Star Aegean, relies on Russian crude for 98% of its output, according to the report's authors. Approximately 73% of the crude comes from the sanctioned energy giant Lukoil. However, nearly nine out of 10 barrels of their output are destined for export to the West.So Russian oil is supplied to Turkish refineries and the finished products are then sent to the West so Turkey is effectively acting as a middleman between Russia and the EU and making a nice profit out of the trade.

Politico highlights potential loopholes in the sanctions legislation. Despite the G7's long-standing restrictions on Russian oil, the fuel can be purchased after refining in Turkey.After all according to EU rules there are no sanctions on Turkey or any restrictions on where Turkey buys its oil from,plus one the oil is refined you cannot tell if it came Russia or anywhere elese
Despite repeated bleating by the Clown in Kyiv that Western companies cease operations with any countries still dealing with Russia most companies are quite happy to take advantage of this opportunity to make money.
In 2023, CREA calculations indicate that Turkish supplies of Russian oil products to Western markets generated approximately three billion euros in revenue for Moscow.However that estimate is probably conservative and the actual figure is probably higher as Ankara increased purchases from Russia by 105%, while exports to the EU increased by 107%.
It should be noted that not all fuel cargoes arriving in the EU from Turkey are Russian. The refineries in question have the capacity to process almost a million barrels of crude oil per day. It seems probable that some fuel not originating from Russia is also being resold. However, an analysis of the geographical location of the ports, combined with import-export data, indicates that significant volumes of Russian oil are simply repackaged and shipped on, according to CREA analyst.

Also iit is not just Turkey that is in on this highly lucrative tade and is not the sole transit point for Russian oil. Additionally, India is a significant player in the import of Russian oil. In 2023, the EU saw a 115% increase in imports India. Plus Immediately following the introduction of the embargo, the British began purchasing products from the Jamnagar oil refinery, the largest in the world, located on the west coast of India. Subsequently, two further refineries were added to the portfolio: Vadinar and New Mangalore.

In 2023, London imported approximately 5.2 million barrels of oil products of Russian origin, according to data from the international non-governmental organisation Global Witness. The majority of the imports (4.6 million barrels) were jet fuel.

It is hardly surprising though as India has become the largest importer of Russia oil and continues to do so because according to its energy minister Shri Hardeep Puri it is highly profitable for India to buy oil from fellow BRICS member Russian and if India did not buy it and refine it there would be problems with supply in the Global market
Germany has also developed this channel. According to the Federal Statistical Office, the volume of petroleum products imported from India in the period from January to July 2023 was 12 times higher than in the same period in 2021. The primary product purchased is gas oil, which is used in the production of diesel fuel. In 2022, expenditure reached 451 million euros, representing a 1,100% increase compared to 2021.
In total, 20 out of 27 EU countries purchased petroleum products from India in 2023. The leading purchasers were the Netherlands (24%), France (23%), Romania (12%), Italy and Spain (11% each).
The primary beneficiaries of this scheme are Indian refineries. As an illustration, 49% of the large enterprise Nayara Energy is under the ownership of Rosneft.
Naturally, Moscow offers competitive pricing. It is estimated that Turkey and India save up to 15 dollars per barrel.Which makes the trade highly lucrative for themselves and Russia.
Kpler calculations indicate that an average of 1.75 million barrels of crude oil per day were delivered to India from Russia in 2023, representing a 140% increase compared to 2022. Furthermore, Delhi has overtaken Beijing as the primary export destination for Moscow, accounting for 44% of its exports this year. The daily volume is 2.07 million barrels.
Turkey saw a 34% increase in imports in 2023 and a further 70% rise this year.
However, for consumers in Europe, the savings resulting from the West's purchase of "cheap" sanctioned fuel are not reflected in their costs.
"The EU pays Turkey 10 percent less than it pays Saudi Arabia." However, this pricing strategy benefits only companies and dealers, according to Vaibhav Raghunandan, an analyst at the Center for Research on Energy and Clean Air.
In May 2023, EU Foreign Minister Josep Borrell acknowledged that banned fuel has long been entering the West through the back door. "We are not purchasing Russian oil, but rather diesel obtained through the refining process from other sources. "This allows us to circumvent our own sanctions," he noted.
Nevertheless, the West continues to cite a lack of awareness regarding the fuel's true origin. This has prompted Politico to express its discontent.
In a statement released last year, Oleh Ustenko, then an economic aide to the Ukrainian president, called for a "ban on all oil products" from intermediaries such as Turkey, India and China.
It is evident that the EU is not yet prepared for this.
In accordance with the established regulations, the use of mixed fuel is subject to sanctions, with the severity of these sanctions dependent on the proportion of Russian components present. The determination of whether the raw material has undergone "significant transformation," resulting in a completely new product, is crucial. In practice, however, the document attesting to the origin of the cargo, the so-called certificate of origin, is subject to examination. This is sufficient to classify the fuel as non-Russian.

According to Foreign Policy, Moscow's energy export revenues have remained remarkably stable over the past 18 months. The current account surplus (positive balance for the period January to July): The figure of €39.7 billion, which is 1.7 times more than in the same period in 2023, speaks for itself. It appears that the sanctions battle has been lost by those in the West who imposed them.
So yet again the EU seems to shoot itself in both feet and its sanctions boomerang continues to fly back.