Consider the following statements with respect to Laundromat Countries
- These countries buy Russian oil and sell processed products to European countries, thus by-passing European sanctions against Russia.
- The laundromat countries are China, India, Turkey, the UAE and Singapore.
Select the correct statement.
Explanation:
Among the laundromat countries, India remained the highest global consumer of seaborne Russian crude in April.
Laundromat Countries
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These are the countries that buy Russian oil and sell processed products to European countries, thus evading European sanctions against Russia.
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The laundromat countries are China, India, Turkey, the UAE and Singapore.
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These countries are refining larger volumes of imported Russian crude to then export refined products to sanction imposing countries.
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This is currently a legal way of exporting oil products to countries that are imposing sanctions on Russia.
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These countries export nearly 3.8 million tonnes of oil products to price cap coalition countries, which include the EU, G-7 countries, Australia and Japan.
Centre for Research on Energy and Clean Air (CREA) report
The CREA report said the most oil products were being exported from two ports in Gujarat:
- The Sikka port that services the Reliance-owned Jamnagar refinery, and
- The Vadinar port that ships oil products from Nayara energies.
RIL’s Jamnagar refinery, is the biggest oil product export port to the price-cap coalition countries.
- It is also the largest importing port in the world of seaborne crude oil from Russia.
Hence both statements are correct.
By: Shubham Tiwari ProfileResourcesReport error