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Ever since the Ukraine war started, India has defied the US and its European allies to buy oil from Russia at discounted rates, for keeping prices stable despite inflation. Although European nations have cut off the direct inflow of oil from Russia, the country’s crude is being refined into aviation fuel and diesel in India, before being exported to Europe.
Using discounted Russian crude to fill the gap by absence of Russia’s oil, India has surpassed Saudi as the top supplier of refined fuels to Europe.
