- 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