Daily on Energy: EU imports from India raise questions about efficacy of Russia sanctions

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This is concerning, because India’s refining boom is due almost entirely to its increase of Russian crude supplies: India has purchased Russian crude at a deep discount in the months since Western bans on Russian fossil fuels and the G-7-backed price cap came into force. Russia is now India’s largest crude supplier, with its sales to the country jumping tenfold last year alone.

…And Russia could be profiting directly from some of these sales: Russian state-owned oil giant Rosneft owns a 49% minority stake in the Indian refining company Nayara Energy—a setup that allows it to claw back at least some of the profits for the refined product sales as well. While it’s “understandable” India wants to buy more discounted Russian crude, he told the Financial Times, the EU must also act to stop its third-country purchases propping up the Kremlin, including by targeting buyers of Indian refined fuels believed to be derived from Russian crude.

The trend shows no signs of slowing, despite the long-term nature of most LNG contracts , and the EU’s looming ban on Russian LNG, which will come into force in 2027. Beaudreau said he will “always cherish the opportunities I’ve had to work with the best career staff in federal service and diverse communities across the United States to help figure out solutions to some of the most challenging problems facing our country.”

The Republican-led House Bill 201 was introduced in committee this week, and lawmakers voted yesterday to send it to the floor for a full vote. According to a press statement, LG energy Solution will supply automotive battery modules to Toyota starting from 2025 under the recently signed contract, with an annual capacity of 20 gigawatt hours. The battery modules will be manufactured in LG Energy Solution’s Michigan facility.

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