Indian private refiners may gain from EU's ban on Russian oil products

Indian refiners can process cheap Russian crude into products, and export to Europe

India is consolidating its position this year as Russia’s most important market for crude oil two months after the European Union’s ban on exports of Russian crude oil began. The gains derived from trade with Russia are likely to enlarge after the latest sanction salvo by the 27-nation bloc came into effect on 5 February -- where the EU banned imports of Russian fuels, led by diesel.

At the same time, the EU and other allies will institute a global price cap on Russian refined oil products. That will bar access to ships, marine insurers and services unless the refined