Impact of Ukraine’s Attacks on Russian Refineries on India

Hit by Ukraine’s drone attacks, Russia’s oil refineries face significant operational challenges, with a loss of over 20% of refining capacity, while India capitalizes on the resulting discounted Russian oil, increasing its procurement and exports, particularly to Europe. Major Indian refiners, such as Reliance, are projected to benefit from enhanced margins and robust growth in fuel sales, positioning India as a key supplier amid geopolitical shifts.

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