Europe Pays More For Banned Russian Oil, Resold By India
The European Union heavily sanctioned Russia and pledged to boycott its oil, yet continues to buy it, and at an even higher price, albeit indirectly.
India is importing record levels of discounted Russian crude, purchasing it in currencies other than the dollar. India then refines the Russian oil and exports fuel to Europe at a profit.
Meanwhile, increasing energy costs in Europe have stoked inflation, causing workers’ wages to significantly decline.
The real wages of workers in the Eurozone fell by 6.5% between 2020 and 2022.
As of April, Bloomberg reported, European imports of refined fuel from India are approaching 360,000 barrels per day.