logo
India's $15 bn oil exports to EU at risk amid new Russia sanctions

India's $15 bn oil exports to EU at risk amid new Russia sanctions

Time of India20-07-2025
India's petroleum product exports worth USD 15 billion to the European Union (EU) may be at risk as Brussels moves to restrict imports of
Russian crude oil
refined in third countries, economic think tank GTRI said.
The 18th package of sanctions by the 27-nation EU included a set of measures largely aimed at curbing the revenues of Russia's oil and energy sector, such as an import ban on refined petroleum products made from Russian crude oil and coming from any third country.
Explore courses from Top Institutes in
Select a Course Category
Operations Management
Data Science
MCA
Data Analytics
Design Thinking
Management
Leadership
Data Science
MBA
Cybersecurity
Finance
Public Policy
Degree
CXO
others
Project Management
PGDM
Technology
Digital Marketing
Artificial Intelligence
healthcare
Healthcare
Others
Product Management
Skills you'll gain:
Quality Management & Lean Six Sigma
Analytical Tools
Supply Chain Management & Strategies
Service Operations Management
Duration:
10 Months
IIM Lucknow
IIML Executive Programme in Strategic Operations Management & Supply Chain Analytics
Starts on
Jan 27, 2024
Get Details
The
Global Trade Research Initiative
(GTRI) said that a central component of the package is a ban on the import of refined petroleum products made from Russian crude and exported via third countries, excluding only a select few allies like the US, UK, Canada, and Switzerland.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Victoria Principal Is Almost 75, See Her Now
The Latest Article
This measure will hurt nations such as India, Turkey, and the UAE, which have been refining Russian crude and selling diesel, petrol, and jet fuel to Europe, it said.
"India's USD 5 billion exports of petroleum products to the EU are at risk. The EU's new sanctions ban imports of refined petroleum made from Russian crude via third countries like India," GTRI Founder Ajay Srivastava said.
Live Events
India exported USD 19.2 billion worth of petroleum products to the EU in FY24, but this dropped by 27.1 per cent to USD 15 billion in 2024-25, according to the think tank.
It added that India imported USD 50.3 billion of crude oil from Russia in FY2025, over a third of its total USD 143.1 billion crude bills.
"Although India continues to engage in legitimate trade with Russia, the political optics of such transactions are shifting in Western capitals. As energy ties deepen, India will have to walk a fine line between economic pragmatism and geopolitical pressure," Srivastava said.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Tech innovations in AI and robotics pave way for sustainable future, says former ISRO scientist
Tech innovations in AI and robotics pave way for sustainable future, says former ISRO scientist

The Hindu

time25 minutes ago

  • The Hindu

Tech innovations in AI and robotics pave way for sustainable future, says former ISRO scientist

Technological innovations, especially in AI and robotics, are poised to redefine the fundamentals of economic competitiveness and environmental stewardship, paving the way for a sustainable future, said A. Sivathanu Pillai, former Chief Controller (R&D), ISRO, and founder-CEO of BrahMos Aerospace. Delivering the 12th Dr. V. Bhujanga Rao Endowment Lecture at GITAM Deemed to be University on Tuesday, Mr. Pillai spoke on the theme 'Building a Sustainable Future Integrated with National Vision.' The lecture was jointly organised by the university's School of Technology and the Condition Monitoring Society of India (CMSI). He highlighted India's advancements in nuclear energy, space research, defence technologies, renewable energy, and net-zero initiatives. He stressed that sustainable development should aim to build a happy and healthy society, ensure economic resilience, and strengthen national security. Mr. Pillai underlined the transformative potential of industrial, humanoid, and space robotics in sectors such as agriculture and healthcare. Noting that India's youth, over 800 million strong, can be a powerful force when equipped with the right skills and involved in nation-building projects, he called for innovation-driven engagement. Operation Sindoor Citing the success of the Indo-Russian BrahMos supersonic cruise missile, which has been deployed from land, sea, and air platforms, he said the project exemplifies effective international collaboration and public-private partnership. He pointed to its role in Operation Sindoor as an example of indigenous technological excellence attracting global attention. Encouraging the younger generation to think big, he envisioned future innovations such as reusable and mind-operated cruise missiles. Condition monitoring V. Bhujanga Rao, Chairman of KIMS Foundation and former Director General of DRDO, spoke on the rising importance of condition monitoring in industry. He explained how AI and data analytics are transforming the field by enabling faster, more accurate, and predictive decision-making. CMSI president and NSTL scientist P.V.S. Ganesh Kumar projected that the global condition monitoring market, valued at USD 4.38 billion in 2024, is expected to nearly double to USD 8.85 billion by 2034, highlighting its growing industrial relevance.

After CEO, three more directors, HSE head quit Rosneft-backed Nayara Energy
After CEO, three more directors, HSE head quit Rosneft-backed Nayara Energy

Time of India

time25 minutes ago

  • Time of India

After CEO, three more directors, HSE head quit Rosneft-backed Nayara Energy

New Delhi: Three directors and two senior executives, including the head of Health, Safety, and Environment (HSE), have resigned from Russian energy giant Rosneft-backed oil refiner Nayara Energy after the company was sanctioned by the European Union, sources aware of the matter said. Victoria Cunningham, Avril Mary Anne Conroy and Jorg Tumat, who were on the board of directors of Nayara Energy, have resigned earlier this month, the sources said. Besides, Barbara (Hofbauer) Oberhauser, who was senior vice president and Head HSE, too has resigned. The resignations follow chief executive Alessandro Des Dorides quitting the company shortly after the European Union imposed sanctions on Nayara as part of a new raft of measures against Russia over its war with Ukraine. An email sent to the company seeking reactions remained unanswered. Sources said that Des Dorides, along with the three directors who resigned, were all European - a nationality that made it untenable for them to remain with a company under EU sanctions. Oberhauser was from Austria and served as HSE head at Nayara between November 2022 and July 2025. Another official, who was practically No.2 on refinery operations side, too has resigned for the very same reason, sources said. Nayara had earlier this week denounced the latest EU sanctions against it as unjust and harmful to India's interests, and said it was studying legal options. Rosneft too had condemned sanctions on Nayara Energy as unjustified, illegal, and described them as a direct threat to India's energy security. The European Union's 18th package of sanctions against Russia over its war with Ukraine was approved earlier this month with a view to weakening its revenue sources. Nayara Energy was one of the companies that was sanctioned. Rosneft owns a 49.13 per cent stake in Nayara Energy Ltd, formerly Essar Oil Ltd. Nayara owns and operates a 20-million tonnes a year oil refinery at Vadinar in Gujarat, as well as over 6,750 petrol pumps. Besides Rosneft, an investment consortium SPV, Kesani Enterprises Company, holds another 49.13 per cent stake in Nayara. Kesani is owned by Russia's United Capital Partners (UCP) and Hara Capital Sarl, a wholly-owned subsidiary of Mareterra Group Holding (formerly Genera Group Holding S.p.A.). Sources said Cunningham, who has been on the board of Nayara since January 2020, was co-managing partner of UCP. Tumat, who has been on the board of Nayara since July 21, 2023, came from Germany. Conroy had been on the board of Nayara since May 23, 2020. Nayara has replaced Des Dorides with Sergey Denisov as the new CEO of the company, they said. Des Dorides had joined Nayara Energy in April 2024. He was previously the head of oil trading at Eni where he was sacked for withholding information on illegal Iran oil trade. Denisov, who has been with Nayara since 2017, previously was its chief development officer.>

Argentina returns to America's visa waiver program, netizens celebrate
Argentina returns to America's visa waiver program, netizens celebrate

Time of India

time34 minutes ago

  • Time of India

Argentina returns to America's visa waiver program, netizens celebrate

Image credits: X/@Sec_Noem Argentina seems to be going up and up in America's list of allies in recent years. The second-largest country in South America has been working with the Trump administration in ways that are not only beneficial for it but also for the US. Recently, Homeland Security Secretary Kristi Noem took to X to share how Argentina had returned to America's visa waiver program. She shared how the country now has the lowest visa overstay rate in all of Latin America, and 25% more Argentines have travelled to the United States in the first four months of 2025 as compared to 2024, marking the biggest jump in any top 20 international arrivals. Noem appreciated Argentinian President Javier Milei's leadership, adding how Argentina is becoming an even stronger friend to the United States. "That is why we are now taking steps to allow Argentina back into the Visa Waiver Program. I was pleased to sign a statement of intent alongside Minister Werthein and Minister Bullrich, which highlights our strong partnership with Argentina and our mutual desire to promote lawful travel while deterring threats." What is the US Visa Waiver Program ? Image credits: X/@Sec_Noem The Visa Waiver Program (VWP) enables citizens or nationals of participating countries to travel to the US for tourism or business for 90 days or more without requiring a visa. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Arabian Sea Facing Apartments - Mahalaxmi, South Mumbai Lodha Bellevue Click Here Undo All travellers need is a valid Electronic System for Travel Authorization (ESTA) approval and must meet the necessary requirements. Argentina was previously a part of the program from 1996 to 2000. Though the country has been reinstated now, it could take years to meet the program's security and immigration requirements. Alberto Fohrig, director of international co-operation at Argentina's Security Ministry, said on Radio Mitre that if the country's entry in the program was successful, it would allow 1.2 million Argentines who travel to the United States each year to enter without a visa for 90 days for both tourism and business. People on the internet are already welcoming and applauding Argentina's entry back into the visa waiver program, with positive comments. Netizens react to Argentina's return to the Visa Waiver Program Image credits: Getty Images Netizens have been commenting positive reactions and welcoming messages to the Argentinians and appreciating President Milei's leadership. "interesting connections... are they ready for what's coming? That's what happens when you put america first... everyone benefits!," wrote one appreciating Argentina's work on improving relations with the US. "Milei is a great smart leader and I respect and trust in secy Noem. No one has impressed me more. Thank you Kristy Noem!" added another. "Argentine President @JMilei paved the way and provided a sound blueprint for how a government should be run. 💪🏽," applauded another. Many pointed out Argentina's steady development over the years, "Argentina is on the way back to prosperity," and "Travel soaring and barriers lowering—momentum looks strong 🇦🇷✈️"

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store