Regarding the importation of crude oil, the relationship between Europe and India is complicated. On the one hand, due to sanctions and political unrest, Europe is unable to acquire crude oil directly from Russia. In contrast, India has become a significant centre for refining for Europe, which imports its crude oil from a variety of international sources, including Russia.
Source: Quora
Since the sanctions, India will soon surpass Saudi Arabia in the amount of refined petroleum that Europe imports each day, topping 360,000 barrels. One of the major commodities traded between India and the EU now is diesel.
This has emphasised India’s rising significance as a diplomatic actor on the international scene as well as its economic strength and resilience. India has been a major participant in the global energy market in recent years, with its refining sector serving as a crucial bridge between oil-rich nations and energy-hungry economies.
India has long upheld a non-aligned foreign policy and worked to maintain a balance in its interactions with a number of nations, including the US, Russia, and China. However, if India’s strategic significance rises, it can become embroiled in disputes with its numerous allies. For instance, if tensions between Europe and Russia increased, it may be more difficult for India to keep supplying Europe with refined petroleum. Russia would thus still require markets to which it could export its crude oil.
While India’s oil refining skills are advantageous to Europe, it is also taking a position on the continuing war between Russia and Ukraine. Due to its use of energy that has been developed in part because of Russia’s economic relations while also denouncing Russia for its activities in Ukraine, Europe is now in a rather hypocritical situation. This does not, however, hide the reality that Europe’s reliance on Russian crude oil jeopardises the effectiveness of its sanctions against Russia, even inadvertently.
Instead of depending on middlemen to do its dirty job, Europe must take proactive measures to lessen its reliance on Russian energy if it wants to convey a clear message of displeasure to Moscow. However, Europe’s domestic politics are impacted by energy security. This contrast draws attention to the intricate and occasionally at odds interests at work in world politics and the energy market.
Source: ANI News
Even though India plays a significant role in supplying energy to Europe, there are hazards and difficulties involved. The globe’s persistent reliance on fossil fuels supplied through business links with Russia might spark criticism and calls for change as the world moves towards cleaner and more sustainable energy sources. There is no assurance that some of these countries won’t later green-shame the same fossil fuel supply chain. In addition, the war between Russia and Ukraine can worsen and endanger India’s energy supply as well as the rest of the world’s.
From India’s position in the global game, this tactic makes total sense. It serves to aid its allies, gathers surplus foreign cash, makes use of its substantial oil refining capacity, and aids Russia in importing crude oil. In terms of politics and trade, everyone wins.
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