Crude oil
The Economic think tank GTRI has said that the European Union (EU) may threaten India’s 15 billion US dollars of petroleum products exports due to the move by Brussels to ban the import of refined Russian crude oil in third countries. The 18th package of sanctions by the European Union with 27 countries included several measures aimed at reducing the revenue of Russia oil and energy sector, such as the ban on the import of refined petroleum products made from Russian crude oil and refined refined petroleum products coming from a third country.
Global Trade Research Initiative (GTRI) said that a major component component of this package is to ban the import of refined petroleum products made of Russian crude oil and exported through third countries, which do not include only a few selected countries like America, UK, Canada and Switzerland.
GTRI report
The move will cause damage to countries like India, Turkey and United Arab Emirates, which are refining Russian crude oil and selling diesel, petrol and jet fuel to Europe. GTRI founder Ajay Srivastava said that India’s exports of US $ 5 billion to the European Union are in danger. Under the new European Union sanctions, the import of refined petroleum made of Russian crude oil is banned through third countries like India. According to the think tank, India exported US $ 19.2 billion petroleum products to the European Union in FY 2024, but in 2024–25 it fell 27.1 per cent to US $ 15 billion.
India did oil import
It further states that India imported crude oil of US $ 50.3 billion from Russia in FY 2025, which is more than one-third of its total raw oils worth US $ 143.1 billion. As energy relations are getting deeper, India will have to follow a fine line amid economic practicality and geopolitical pressure.