Report: India is Buying Up Cheap Sanctioned Russian Oil and Selling it to the U.S. and E.U. at Huge Profits

“India is buying up cheap sanctioned Russian oil, refining it, then selling it to the US and EU for huge profits, according to a report in the Wall Street Journal. The US has reluctantly given India permission to buy Russian oil because India has threatened to ditch their alliance with America and ally with China if the US dares to sanction them. While Americans and Europeans are being forced to pay record prices for gas as “the cost of standing up for freedom,” the free nation of India is buying oil from Russia for a whopping $35 off a barrel and selling it back to us in a hilarious arbitrage scheme.”

Published by markskidmore

Mark Skidmore is Professor of Economics at Michigan State University where he holds the Morris Chair in State and Local Government Finance and Policy. His research focuses on topics in public finance, regional economics, and the economics of natural disasters. Mark created the Lighthouse Economics website and blog to share economic research and information relevant for navigating tumultuous times.

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