Industrialist Anand Mahindra on Sunday took a swipe at Europe amid stories claiming the Western nations are shopping for Russian gas by India and are paying a “huge” markup. Tagging exterior affairs minister S Jaishankar, Mahindra wrote, “Hypocrisy carries a excessive price ticket…India was clear about its compulsions from the beginning…”

The report that Mahindra shared within the tweet cited a Bloomberg evaluation titled “Russian oil still powering Europe’s cars with help of India”. In December final 12 months, the European Union barred seaborne crude oil imports from Russia owing to Moscow’s invasion of Ukraine. It prolonged the prohibition to sophisticated fuels two months later.

India, in the meantime, snapped up low-cost Russian crude, turning it into fuels like diesel, and delivery it again to Europe at a markup, reported Bloomberg.

Zero Hedge, a far-right libertarian monetary weblog and information aggregator, mentioned that in final August they confirmed how Russia was bypassing Europe’s commodities embargo by promoting LNG to China which was then re-selling it to Europe at a considerable mark up.

“Russia was using a similar sanctions bypass for oil, this time using India instead of China, few were willing to confirm as much: after all, it would seem very shortsighted if European consumers were paying an extra surcharge to India, while Russia was not suffering any adverse consequences from Europe’s laughable “sanctions,” the outlet reported.

Another report by analytics agency Kpler acknowledged that India has turn out to be Europe’s largest provider of refined fuels in April whereas concurrently shopping for report quantities of Russian crude.

The agency’s knowledge confirmed that Europe’s reliance on Indian crude oil merchandise has grown for the reason that ban on Russian oil. Europe’s refined gas imports from India are set to surge above 360,000 barrels a day, edging simply forward of these of Saudi Arabia, reported ANI.