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UPL 670.40↑2.40(0.36%)
Wipro 395.75↑9.55(2.47%)

A reality check for Indian oil product exports amid international sanctions

EU's threat to sanction India for exporting petroleum products to its member-nations based on cheap Russian crude will not be an existential risk

S Dinakar

Premium

Top Indian officials said India typically follows all international sanctions

6 min read Last Updated : May 18 2023 | 4:30 PM IST

India, along with China and Turkey, may be the next target for the US-led G-7 grouping, which is now setting its sights on sanctioning nations that convert discounted Russian crude oil into diesel, gasoline and jet fuel – known as “clean products” in the parlance -- and re-export these products to European consumers at full prices.

It is a lucrative business, controlled largely by Reliance Industries. India earned $58 billion from exports of all petroleum products in FY23, accounting for 13 per cent of its total exports by value according to oil ministry data. The government also has its fill by way of windfall taxes on fuel exports.

The EU barred imports of oil products from Russia from February, so European consumers turned to China, India and Turkey among others for fuel supplies. Europe absorbed up to 20 per cent of India’s exports of clean products in volume terms in the February-mid-May period. That was 11 percenta