‘Hypocrisy carries high…’: Anand Mahindra on Europe buying Russian oil via India | Latest News India - Hindustan Times

‘Hypocrisy’: Anand Mahindra on reports of Europe buying Russian oil via India

By | Edited by Kunal Gaurav
Apr 30, 2023 11:00 PM IST

Industrialist Anand Mahindra on Sunday jibed at Europe after reports claimed that the continent is buying Russian fuels through India at a high markup.

Industrialist Anand Mahindra on Sunday took a swipe at Europe amid reports claiming the Western countries are buying Russian fuel through India and are paying a “huge” markup. Tagging external affairs minister S Jaishankar, Mahindra wrote, “Hypocrisy carries a high price tag…India was transparent about its compulsions from the start…"

Anand Mahindra. (HT photo)
Anand Mahindra. (HT photo)

Also Read| India becomes Europe's largest supplier of refined fuels after Russian oil ban

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The report that Mahindra shared in the tweet cited a Bloomberg analysis titled “Russian oil still powering Europe’s cars with help of India”. In December last year, the European Union barred seaborne crude oil imports from Russia owing to Moscow's invasion of Ukraine. It extended the prohibition to refined fuels two months later.

India, meanwhile, snapped up cheap Russian crude, turning it into fuels like diesel, and shipping it back to Europe at a markup, reported Bloomberg.

Zero Hedge, a far-right libertarian financial blog and news aggregator, said that in last August they showed how Russia was bypassing Europe's commodities embargo by selling LNG to China which was then re-selling it to Europe at a substantial mark up.

"Russia was using a similar sanctions bypass for oil, this time using India instead of China, few were willing to confirm as much: after all, it would seem very shortsighted if European consumers were paying an extra surcharge to India, while Russia was not suffering any adverse consequences from Europe's laughable "sanctions," the outlet reported.

Another report by analytics firm Kpler stated that India has become Europe's largest supplier of refined fuels in April while simultaneously buying record amounts of Russian crude.

The firm's data showed that Europe's reliance on Indian crude oil products has grown since the ban on Russian oil. Europe's refined fuel imports from India are set to surge above 360,000 barrels a day, edging just ahead of those of Saudi Arabia, reported ANI.

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