India’s petroleum product exports worth $15 billion to the European Union (EU) may be at risk as Brussels moves to restrict imports of Russian crude oil refined in third countries, economic think tank GTRI said.
The 18th package of sanctions by 27-nation EU included a set of measures largely aimed at curbing revenues of Russia’s oil and energy sector, such as an import ban on refined petroleum products made from Russian crude oil and coming from any third country.
The Global Trade Research Initiative (GTRI) said that a central component of the package is a ban on the import of refined petroleum products made from Russian crude and exported via third countries, excluding only a select few allies like the US, UK, Canada, and Switzerland.>
