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‘Laundering’ of Russian Oil

Context:

As per the report titled Laundromat: How the price cap coalition whitewashes Russian oil in third countries, by the Centre for Research on Energy and Clean Air (CREA), India leads five countries named as the Laundromat countries.

About Laundromat countries:

Laundromat countries are those who buy Russian oil and sell processed products to European countries, thus side stepping European sanctions against Russia.

Key Highlights of Report:

The report accused Indian sellers and European buyers of possibly circumventing sanctions by selling crude products from a refinery in Gujarat that is co-owned by Russian oil company Rosneft.
Price cap coalition countries have increased imports of refined oil products from countries that have become the largest importers of Russian crude.
European countries are simply substituting oil products they previously bought directly from Russia, with the same products now “whitewashed” in third countries and bought from them at a premium.

News Source: The Hindu

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