S. Jaishankar: On May 17, Indian Foreign Minister, S. Jaishankar said European Union Council regulations support India on Russian oil. He was responding to Josep Borell’s calls for action on India’s refined crude oil products. Borell is a Spanish politician and serves as the High Representative in the EU’s Foreign Policy department.
Lately, the EU has voiced concerns about India’s refined crude oil products that find their way into the European market. Critics like Borell say India purchases oil from Russia, processes it in the Indian refineries and then sells the refined product into the EU market. This trade practice violates the EU’s policy of boycotting Russian products. It also calls for sanctions on ‘offending countries like India. Ever since Russia invaded Ukraine, the EU has always opposed Moscow on several matters-including buying Russian oil.
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On the other hand, Jaishankar doesn’t seem affected by the EU’s allegations. He said in a press conference later in Brussels that the EU’s Council Regulation 833/2014 favoured India. Jaishankar also told the reporters that India transforms the Russian crude significantly before exporting it to Europe.
Besides, Jaishankar pointed out, several European countries have purchased Russian oil and no sanctions have hit them.
What is the EU?
The European Union is a collection of several European countries that aims to integrate their trade and foreign policies. Since Ukraine is part of the EU, this organization, as part of its charter, opposes everything that goes against Kyiv – including the Russian invasion. By logical extension, the EU also opposes all countries supporting the Russian economy directly or indirectly.
EU and India
The European Union and India are the world’s two largest trading partners. According to a global trade website, the European Union is India’s largest trading partner. In 2019, the trade size between both economies was Euro 79.59 billion. Further, India enjoys a trade surplus with the EU.
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