MEA criticises EU sanctions on Russia that include Gujarat refinery
Gujarat
.
The "India does not subscribe to any unilateral sanction measures. Government of India considers the provision of energy security a responsibility of paramount importance to meet the basic needs of its citizens," MEA spokesperson Randhir Jaiswal said in a post on X.
We would stress that there should be no double standards, especially when it comes to energy trade, he added.
— MEAIndia (@MEAIndia)
The EU has imposed sanctions on the Indian oil refinery of Russian energy giant Rosneft and lowered the oil price cap, as part of a new raft of measures against Russia over its war in Ukraine.
The fresh sanctions package on Russia included new banking restrictions, and curbs on fuels made from Russian crude oil.
The lowered oil price cap - currently set at $60 per barrel - means Russia will be forced to sell its crude at reduced rates to buyers like India. As the second-largest purchaser of Russian oil, India stands to benefit from this move. Russian crude currently accounts for nearly 40 per cent of India's total oil imports.
Rosneft owns 49.13 per cent stake in Nayara Energy Ltd, formerly Essar Oil Ltd. Nayara owns and operates a 20 million tonne a year oil refinery at Vadinar in Gujarat as also over 6,750 petrol pumps.
An investment consortium SPV, Kesani Enterprises Company holds 49.13 per cent stake in Nayara. Kesani is owned by Russia's United Capital Partners (UCP) and Hara Capial Sarl, a wholly-owned subsidiary of Mareterra Group Holding (formerly Genera Group Holding S.p.A.).
EU sanctions means Nayara cannot export fuel such as petrol and diesel to European countries.
Among the sanctions announced were ban on Nord Stream pipelines, and a lower cap on price at which Russian can export oil.
In December 2022, the Group of Seven (G7) nations imposed a $60 a barrel price cap on Russian oil sold to third countries. Under this mechanism, Western insurance and shipping services could only be used if the oil was sold at or below the capped price. The goal was to restrict Russia's oil revenues while maintaining stability in global energy supplies. However, the cap faced criticism for being largely ineffective in achieving its intended impact.
The European Union and Britain had been pushing to lower the price cap after a fall in global
oil prices
made the current $60 cap nearly irrelevant.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
10 minutes ago
- Economic Times
Sydney Sweeney's controversial ad campaign draws Trump's attention, he says 'advertising a very funny thing'
AP US President Donald Trump was asked about the Sydney Sweeney's American Eagle's ad by Newsmax anchor Rob Finnerty The ongoing controversy surrounding Sydney Sweeney's American Eagle ad has garnered a lot of attention online. Sweeney, 27, and American Eagle faced backlash earlier this week after the blonde-haired, blue-eyed 'White Lotus' starlet appeared in a new denim ad for the popular clothing and accessories retailer. It sparked a debate over race and Western beauty President Donald Trump was asked about the Sydney Sweeney's American Eagle's ad by Newsmax anchor Rob Finnerty. Trump was asked about the highly contested advertisement in a bizarre question that ended with the president going on a rant about transgender actress Dylan Mulvaney and his own experience with advertising, reports The Irish Star. ALSO READ: Social Security eyes massive reform in US: New policy could hit 3.4 million Americans this month "Your administration has been very open about the fact that American women are not having enough babies," the Newsmax anchor began his perplexing line of questioning. "There was an ad this week. Sydney Sweeney, an actress, was in an ad for Blue Jeans. The ad is doing very well. It's very popular. The jeans are sold out," he went on before asking, "Does America need to see more ads like that? And maybe fewer ads with people like Dylan Mulvaney on the cover?" ALSO READ: Solar Eclipse on August 2 in US? What NASA has said on world going dark for 6 minutes Trump took the bait and went on a rant about the Bud Light campaign. He said, "The Dylan Mulvaney ad was perhaps the most unsuccessful ad in history. It knocked 35 million dollars off the value of a certain company. You know what I'm talking about. That was one of the great disasters of all time. I would say it was probably the most unsuccessful ad, worst ad ever." He continued, "You know, advertising is a very funny thing. I've done ads where I thought they were lousy and they turned out to be iconic, and then I've done some that I thought were beauties that were gonna be fantastic, and they weren't so good, so to each his own. But the Dylan Mulvaney ad was a total disaster." The Newsmax anchor paired the question with an onscreen banner that read, "Trump ends the era of woke."ALSO READ: 'Rage Against The Regime' protests: Over 300 US cities hosting anti-Trump demonstrations today on JD Vance's birthday. Full list American Eagle is standing by its controversial ad campaign featuring Sydney Sweeney, which includes various commercials with the tagline: 'Sydney Sweeney Has Great Jeans.' The campaign has been criticized for promoting eugenics with its tagline, "Sydney Sweeney has good jeans," which many interpreted as a white supremacist dog whistle. ''Sydney Sweeney Has Great Jeans' is and always was about the jeans,' the company said Friday in a statement obtained by The Post. 'Her jeans. Her story.' 'We'll continue to celebrate how everyone wears their AE jeans with confidence, their way,' the statement continued. 'Great jeans look good on everyone.''I have great jeans… now you can too,' the 'Euphoria' actress wrote on Instagram on July 23, alongside a video for the controversial campaign. But some social media users compared the marketing move to "Nazi propaganda". ALSO READ: Stimulus payments August 2025: These US states will receive financial benefit. Do you qualify? 'I thought it was gonna be, like, kinda bad, but wow,' one critic wrote on TikTok. 'That's gonna be in history books!' 'I will be the friend that's too woke, but those Sydney Sweeney American Eagle ads are weird,' another added. 'Like, fascist weird. Like Nazi propaganda weird.' Singers Lizzo, 37, and Doja Cat, 29, also took to social media to ridicule Sweeney and American Eagle over the controversy. 'My jeans are black…' the 'Truth Hurts' singer wrote alongside a digitally altered picture showing herself in the denim shirt and jeans that Sweeney wore for the American Eagle photo shoot. Doja Cat shared a TikTok video of herself repeating Sweeney's American Eagle campaign monologue with an exaggerated accent. American Eagle appeared to distance itself from the 'Nazi propaganda' backlash by sharing other ads from the campaign that did not feature Sweeney.'Denim on denim on denim… on denim,' the company wrote alongside the new ad on July 27. 'AE has great jeans.' Plus, American Eagle's stock rose more than 10% immediately after the new campaign kicked off on July 23.
Indian Express
10 minutes ago
- Indian Express
Maharashtra awards Rs 3 crore to Divya Deshmukh for FIDE World Cup triumph; ‘happy to motivate students,' she says
Felicitating Divya Deshmukh, 19, for becoming the first Indian woman to win the FIDE Women's World Cup, Maharashtra Chief Minister Devendra Fadnavis awarded Rs 3 crore to her and said that while China used to dominate women's chess, India has managed to break its streak. With her victory, Deshmukh has also become India's 88th Grandmaster. Fadnavis was speaking at a felicitation ceremony organised at Kavivarya Suresh Bhatt Auditorium in Nagpur to celebrate Deshmukh's recent triumph. 'This is a moment of pride not just for Nagpur or Maharashtra, but for the entire nation,' he said. 'China has traditionally dominated women's chess, but two Indian women, including our very own Divya and Koneru Humpy, have broken through. As an Indian, as a Maharashtrian, and as a Nagpurkar, I am deeply proud of Divya's win.' Deshmukh, who hails from Nagpur and began her journey in chess with an Under-9 title, has steadily climbed the global ranks. Recalling her journey, she said, 'Moments like these are rare and precious. I am grateful to the Maharashtra government for all the love and support.' Sharing her happiness on being able to motivate students, Deshmukh said, 'When I was playing, I thought, 'What an incredible opportunity!' I couldn't have reached where I am without the help of the Maharashtra government. I am eternally grateful to Maharashtra for all the love I have received,' adding, 'Whatever I say about Nagpur is not enough; Nagpur is special for me.' Fadnavis praised Deshmukh's discipline and unwavering focus, especially in an age where distractions are abundant. 'At 19, when most people can't put their phones down, she stayed focused and showed the kind of professionalism the game demands,' he remarked. He also acknowledged the contributions of Divya's parents and coaches, calling them strong pillars behind her success. 'She never forgot her coaches, which speaks volumes of her character.' Fadnavis said the state government had earlier awarded Rs 1 crore to Deshmukh for her efforts. 'We are ready to do whatever is necessary to support her,' he remarked, and noted several reforms made in the state's sports policies, including cash prizes, improved training facilities, and permission for coaches to accompany players abroad. 'Athletes can't compete internationally without proper nutrition, training, and support. We have changed the rules to remove these barriers and support sportspersons from Maharashtra,' he emphasised.
India.com
12 minutes ago
- India.com
Mohammed Siraj's Net Worth 2025: From Humble Beginnings To Rs 57 Crore Success - Check BCCI Contract, IPL Earnings And More
photoDetails english 2940481 Updated:Aug 02, 2025, 05:09 PM IST Mohammed Siraj Net Worth 1 / 9 Mohammed Siraj, one of India's leading fast bowlers, has emerged as a consistent performer across formats. His success on the field has translated into impressive financial growth, making him one of the highest-earning Indian cricketers in 2025. Net Worth Overview 2 / 9 As of 2025, Mohammed Siraj's estimated net worth is Rs 57 crore ($7 million). His earnings have seen a sharp rise in recent years, fueled by IPL contracts, BCCI salaries, and lucrative endorsements. BCCI Central Contract & Match Fees 3 / 9 Siraj is a Grade A contracted player with the BCCI, earning Rs 5 crore annually. Match fees include Rs 15 lakh per Test, Rs 6 lakh per ODI, and Rs 3 lakh per T20I, contributing significantly to his income. IPL Earnings 4 / 9 In the IPL 2025 auction, Siraj was signed by the Gujarat Titans for a whopping Rs 12.25 crore. Over his IPL career, he has earned close to Rs 40 crore, making the league one of his biggest income sources. Endorsement Deals 5 / 9 Siraj's growing popularity has attracted brands like My11Circle, ThumsUp, CoinSwitchKuber, SG Cricket, Nippon Paint, MyFitness, and others. These endorsements add multiple crores annually to his net worth. Real Estate Investments 6 / 9 He owns a luxury residence worth Rs 13 crore in Jubilee Hills, Hyderabad, along with other property investments. His lifestyle reflects his financial success while maintaining strong ties to his roots. Car Collection 7 / 9 Siraj has a notable car collection that includes a Range Rover Vogue, Mercedes-Benz S-Class, BMW 5-Series, Toyota Corolla, and a Mahindra Thar gifted by Anand Mahindra. Siraj As Inspiration 8 / 9 From humble beginnings to becoming a key player for India, Mohammed Siraj's story is inspirational. His net worth of Rs 57 crore is the result of hard work, smart career decisions, and consistent performances across all cricket formats. 9 / 9
