LAUNDROMAT REPORT

• Launromat report was released recently.
• China, India, Turkey, the UAE and Singapore.
• They buy Russian oil and sell processed products to European countries, thus side-stepping European sanctions against Russia
• India leads the laundromat countries, according to the report.
• European Union (EU) countries which are all part of the price cap coalition.
• The price-cap coalition countries include the European Union, G7 countries, Australia and Japan
• Price cap coalition countries have increased imports of refined oil products from countries that have become the largest importers of Russian crude.
• This is a major loophole that can undermine the impact of the sanctions on Russia
• 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.

SOURCE: THE HINDU, THE ECONOMIC TIMES, PIB