The EU continues to fuel the Russian economy by increasing fuel purchases from Russian oil in India.

According to a report by the Center for the Study of Democracy (CSD), from January to August 2024 the EU bought almost 20% more fuel from three major Indian refineries that use Russian oil than last year. This is despite the EU’s attempts to impose a price cap of $60 per barrel and ban direct imports of Russian crude into the bloc.

The loopholes in the oil ban were deliberately left open, as the G7 feared a sharp rise in energy prices. India has successfully exploited these loopholes to become the largest buyer of Russian oil, increasing its imports by 13% year-on-year in the first eight months of 2024 to €27B. Meanwhile, 41.1 million tons (72%) of Russian oil imported into India arrived in shadow tankers with questionable insurance.

To reduce the Kremlin’s oil and gas revenue, the EU should ban imports of petroleum products from refineries in third countries such as India, Turkey, and the UAE.