Is EU ‘living in the past’ as it mulls sanctions on Indian, Chinese firms exporting to Russia?

Therefore, the disconnect between the two things appears bizarre.

“India’s ascent as an oil product exporter beyond its usual core Asian markets is intrinsically linked to it starting to buy discounted Russian crude. The main reason for this is simple – discounted feedstock for refineries creates a competitive advantage that other refiners (buying crude at market levels) don’t have,” says Viktor Katona, crude oil analyst at data and analytics company Kpler.

Surely, European buyers would be aware that a chunk of India’s oil products are of Russian origin. Therefore, sanctioning only Indian and Chinese firms is illogical without examining its own backyard.

An Indian trade executive says European representatives typically try to take a dominant position during trade negotiations, and therefore the sanctions move coinciding with talks for a free-trade agreement is not surprising.

Consider for a moment what is on the table.

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New Delhi to keep buying ‘advantageous’ Russian oil, Indian foreign minister says on Moscow trip

The EU’s demands include removing trade barriers for smaller European firms, opening up services and the Indian public procurement market, investment guarantees and environmental compliance as it is set to roll out carbon emission tariffs.

One of New Delhi’s key demands is the migration of professionals – which is not the same as emigration, but the ability to provide professional services that are vital to sectors like information technology.

But it is clear that a lot of give and take will be required to achieve fruition and that the sanctions, albeit on individual firms, will only raise a jarring note and reinforce perceptions of inequality.

“It has to be an equal partnership and win-win for both. The EU seems