Aug. 7 at 6:45 AM
$NAT $STNG @Antmoss
If India switches to importing oil from somewhere else at a higher cost, American consumers will likely feel the hit, too. Some of the Russian crude oil sent to India is then refined and exported back out to other countries – because sanctions on Moscow don’t include products refined outside Russia.
It’s a loophole that has benefited both India’s economy and other recipient nations. In 2023, India exported
$86.28 billion in refined oil products, making it the world’s second-biggest exporter of petroleum products, according to the National Bureau of Asian Research (NBR).
Some of the biggest buyers of these refined products, made from Russian crude oil, include Europe, the US, and the UK, according to the Centre for Research on Energy and Clean Air (CREA). The independent organization has urged G7 nations to close this loophole, arguing it would disincentivize third countries – like India – to import Russian crude.
https://www.cnn.com/2025/08/05/india/india-russian-oil-trump-tariffs-explainer-intl-hnk
