Russia's Oil Export Loophole Runs Through Greece

Last month, we reported that India had doubled down on Russian oil after the west slapped a chain of sanctions on Moscow. India has never been a big buyer of Russian crude despite needing to import 80% of its needs. In a typical year, India imports just 2-5% of its crude from Russia, roughly the same proportion as the United States did before it announced a 100% ban on Russian energy commodities.  Indeed, India imported only 12 million barrels of Russian crude in 2021, with the majority of its oil coming from Iraq, Saudi Arabia, the United…