Many here see it as an effort by a section of the developed world to target India, as India has emerged as a huge consumer market and Russian oil purchases by India and other markets leads to stability in oil prices. According to Lauri Myllyvirta, lead analyst, Centre for Research on Energy and Clean Air, and member of the team that put together this report, “The EU, most of G7 and Australia have banned or limited imports of Russian crude oil and oil products, leading to a significant fall in Russia’s oil prices and export revenues. However, these price cap coalition countries have increased imports of refined oil products from countries that have become the largest importers of Russian crude. The ‘loopholes’“The main reason for the loopholes in the oil sanctions is caution over disrupting the global oil markets and oil prices. We did not intend to create an impression that those third countries refining the oil are violating laws or regulations that are currently in place.

Source: The Hindu May 12, 2023 16:55 UTC