EU Sanctions Strike Indian Refinery and Slash Oil Price Cap Amid Russia-Ukraine Tensions
The European Union has imposed fresh sanctions on Russia, targeting the Indian refinery associated with Rosneft, reducing the oil price cap, and adding more banking and fuel restrictions. This move could benefit India as a major buyer of Russian oil. The goal is to cut Russia's income and military funding.
- Country:
- India
The European Union has intensified its sanctions against Russia, targeting the Indian oil refinery linked to Russian energy giant Rosneft. This new wave of restrictions aims to diminish Russia's financial gains from its oil exports amid its ongoing conflict with Ukraine.
The EU's latest move includes a reduction in the oil price cap, currently set at USD 60 per barrel, forcing Russia to sell at lower rates. India, as a major purchaser of Russian crude, might benefit from these price cuts. Rosneft's stake in Nayara Energy, which operates a major refinery in Gujarat, becomes a focal point in these sanctions.
EU foreign policy chief Kaja Kallas affirmed the bloc's firm stance, emphasizing further limitations on Russia's shadow fleet and banking sector, along with measures to cut off the Kremlin's war funding. This sweeping sanctions package seeks to restrict Russia's military budget and increase pressure on the Kremlin to seek peace.
(With inputs from agencies.)
ALSO READ
EU Proposes New Russian Oil Price Cap Amid Global Tensions
The EU's Strategic Shift: Re-evaluating Russian Oil Price Caps
EU and UK Tighten Squeeze on Russia with Oil Price Cap Reduction
Rosneft Criticizes EU Sanctions on India's Nayara Energy as a Threat to Energy Security
EU Tightens Sanctions on Russia with New Oil Price Cap
Google News