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New Indian Express
15 minutes ago
- New Indian Express
EU targets Indian refinery in new round of sanctions over Russian oil trade
NEW DELHI: In a renewed effort to put economic pressure on Russia, the European Union on Friday unveiled a fresh package of sanctions, which includes lowering the price cap on Russian crude oil and sanctioning Nayara Energy Ltd, an India-based refinery linked to Russian energy giant Rosneft. This marks the first time the EU has imposed sanctions involving India, a country that has heavily relied on discounted Russian crude since the start of the Russia-Ukraine war in 2022. Nayara Energy Ltd, formerly known as Essar Oil Ltd, operates a 20-million-tonne-per-year refinery in Vadinar, Gujarat, and manages a retail network of over 6,750 petrol pumps across India. Rosneft owns a 49.13% stake in the company. As a result of the sanctions, Nayara will no longer be able to export refined products such as petrol and diesel to European countries. 'For the first time, we're designating a flag registry and the biggest Rosneft refinery in India,' said EU foreign policy chief Kaja Kallas. The sanctions also blacklist 105 vessels from Russia's so-called shadow fleet — a group of ships that covertly transport Russian oil while evading international sanctions. The shadow fleet, once estimated at around 100 vessels in 2023, has grown to approximately 800 ships by 2025, according to EU diplomatic estimates.
News18
24 minutes ago
- News18
'No Double Standards': India Hits Back At EU Over Rosneft Sanctions
Last Updated: India criticised the EU's sanctions on the Indian Rosneft refinery, stressing no double standards in energy trade. India on Friday hit back at European Union over its sanctions on the Indian oil refinery of Russian energy giant Rosneft, stressing that there should be 'no double standards," especially when it comes to energy trade. In a statement, the Ministry of External Affairs (MEA) said India does not subscribe to any unilateral sanction measures. 'We have noted the latest sanctions announced by the European Union. India does not subscribe to any unilateral sanction measures. We are a responsible actor and remain fully committed to our legal obligations. The Government of India considers the provision of energy security a responsibility of paramount importance to meet the basic needs of its citizens. We would stress that there should be no double standards, especially when it comes to energy trade," said MEA Spokesperson, Randhir Jaiswal. The European Union on Friday 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 USD 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. 'For the first time, we're designating a flag registry and the biggest Rosneft refinery in India," EU foreign policy chief Kaja Kallas said in a post on X. 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. 'We are standing firm. The EU just approved one of its strongest sanctions package against Russia to date," Kallas said. 'We're cutting the Kremlin's war budget further, going after 105 more shadow fleet ships, their enablers, and limiting Russian banks' access to funding." Among the sanctions announced were ban on Nord Stream pipelines, and a lower cap on price at which Russian can export oil. (With PTI inputs) view comments Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Hindustan Times
26 minutes ago
- Hindustan Times
Important cases heard by Supreme Court on July 18
Important cases heard by the Supreme Court on Friday, : Important cases heard by Supreme Court on July 18 * SC said prison rules were applicable individually to states, which ought to frame common rules on the release of terminally ill prisoners. * SC directed the National Human Right Commission to be made a party to the PIL for the implementation of a 2017 law on safeguarding the rights and needs of persons with mental illnesses. * Centre informed SC that efforts were on and the government was trying everything possible to ensure Indian nurse Nimisha Priya, on death row for murder in Yemen, came out safely. * SC refused to stay the trial court proceedings against former Bihar chief minister and RJD supremo Lalu Prasad Yadav in the CBI's land-for-jobs case. * SC rejected a PIL challenging the appointment of Bihar Public Service Commission chairperson Parmar Ravi Manubhai after observing that an FIR against him was closed. * SC asked the Bar Council of India about the presence of a scheme to waive off fee of poor LLB graduates who write the All India Bar Examination to enrol as lawyers. * Delhi Police informed SC that the Russian mother, pitted in a bitter custody battle of her child with her estranged Indian husband, has not left the country, at least through legal means. * SC transferred from high courts to itself, four PILs seeking a ban on opinion trading platforms for allegedly promoting illegal betting and gambling activities. * SC pulled up the Centre and Maharashtra government for not creating courts for cases under special statutes concerned that courts will be forced to grant bail to accused. * SC rebuked unauthorised constructions in Chandi Chowk area despite a court-ordered ban and asked Delhi Police to arrest those "putting even a brick". This article was generated from an automated news agency feed without modifications to text.
