India does not subscribe to unilateral measures, says MEA on fresh European sanctions on Russia
'We are a responsible actor and remain fully committed to our legal obligations,' Spokesperson Randhir Jaiswal said.
Jaiswal said that New Delhi 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,' the ministry said.
Russia invaded Ukraine in February 2022, which triggered the deadliest conflict in Europe since World War II. The European Union, among others in the West, have imposed sanctions on Russian businesses and exports to force Moscow to negotiate a peace deal with Kyiv.
Earlier on Friday, the European Union announced its 18th package of sanctions that included measures mainly aimed at blocking the revenues of Russia's energy sector.
The sanctions targeted Russian and foreign companies managing shadow shipping fleets, traders of Russian crude oil and a 'major customer' of the shadow fleet.
The customer was a refinery in India with Russian state-owned energy company Rosneft as its main shareholder, said Kaja Kallas, the chairperson of the EU's Foreign Affairs Council.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
36 minutes ago
- Time of India
Gokarna cave saga: Karnataka HC halts deportation of Russian woman's kids; cites child rights
Karnataka High Court has temporarily halted the deportation of two young Russian girls, aged 4 and 6, following concerns about their welfare NEW DELHI: Karnataka High Court has temporarily halted the deportation of a Russian woman's two children, emphasising that their best interests as mandated by the United Nations Convention on the Rights of the Child (UNCRC). Nina Kutina (40) and her daughters Preya (6) and Ama (4) were rescued by police from the Ramatirtha cave in Gokarna, Uttara Kannada, on July 11. She had continued staying there despite her visa having expired, as per officials. Justice S Sunil Dutt Yadav passed the order while hearing a writ petition filed against the sudden deportation notice issued to the children. You Can Also Check: Bengaluru AQI | Weather in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru The petitioner, represented by advocate Beena Pillai, told the court that the deportation ignored the children's welfare and violated the principles of the UNCRC. The assistant solicitor general, appearing for the Union of India, informed the court that the children do not currently possess valid travel or identity documents. Based on this submission, the court observed that immediate deportation was not reasonable at this stage The bench also ordered a detailed hearing and asked the authorities to file a written affidavit confirming the absence of documents and submit objections within two weeks. The court further directed that no deportation should take place without informing the bench first, effectively pausing any further action until the next hearing on August 18.
Time of India
37 minutes ago
- Time of India
EU sanctions on Vadinar refinery may push Nayara to shift exports to Africa, Southeast Asia: S&P Global report
New Delhi: The European Union's latest sanctions targeting Russia-backed energy entities are set to impact Nayara Energy 's crude sourcing and product exports, particularly jet fuel sales to Europe, with the company now expected to explore markets in Southeast Asia, Africa, and Latin America, according to S&P Global Commodity Insights. Nayara Energy's Vadinar refinery in Gujarat, which has a capacity of 400,000 barrels per day (b/d), has processed an average of 403,000 b/d of crude so far in 2025. Of this, 72 per cent was of Russian origin, data from S&P Global Commodities at Sea showed. The EU, on July 18, banned imports of petroleum products processed from Russian crude and blacklisted over 100 ships operating in the so-called 'shadow fleet.' A six-month transitional period has been introduced, post which EU operators will be prohibited from importing refined products produced from Russian oil, even if refined in a third country. 'The recent EU sanctions against Rosneft, which owns about 49 per cent of Nayara refinery, are set to create significant challenges for Nayara as it is likely to have a pronounced impact on its jet fuel and kerosene sales, which were primarily being exported to Europe,' said Abhishek Ranjan, South Asia oil research lead at S&P Global Commodity Insights . The EU has also revised its oil price cap mechanism, lowering the cap on Russian crude from USD 60/b to USD 47.60/b, effective September 3, and linking future caps to 15 per cent below the average market price of Urals. According to Platts assessments, the Urals grade was trading at USD 58.48/b on July 18. Export shift and domestic sales With Europe no longer a viable market for some of its refined products, Nayara may redirect exports to non-EU destinations. According to S&P Global, Nayara has already increased diesel exports to Southeast Asia, Southern Africa, and the Middle East. At the same time, the company has expanded its domestic retail footprint from 6,570 to 6,760 outlets over the past year. In FY 2023-24 (April–March), 82 per cent of Nayara's diesel and 65 per cent of its gasoline production were sold in the domestic market. Stake sale complications The new restrictions may further complicate efforts by Rosneft to divest its stake in Nayara. The 2017 acquisition of Nayara (then Essar Oil) by Rosneft and its partners was valued at USD 12.9 billion and included the 20 million metric tonnes per year Vadinar refinery with a complexity index of 11.8. The refinery is equipped to process heavy crude and produce Euro-5 and Euro-6 grade fuels. India's response Reacting to the EU measures, India's Ministry of External Affairs stated on July 18, 'We are a responsible actor and remain fully committed to our legal obligations. We would stress that there should be no double standards, especially when it comes to energy trade.' While Nayara continues to source crude from countries like Iraq and Saudi Arabia, replacing Russian grades in the short term may be challenging despite a global surplus.
&w=3840&q=100)
Business Standard
an hour ago
- Business Standard
India needs another FTA - Fugitive Transfer Agreement from UK: Cong
The Congress on Thursday took a swipe at the Modi government ahead of the signing of the India-UK free trade agreement, saying what India needs from that country is the announcement of another and more effective FTA - Fugitive Transfer Agreement. Congress general secretary in-charge communications Jairam Ramesh said, "three stars of the Modi Model of bhagodanomics are still waiting for their ghar wapsi -? Vijay Mallya, Nirav Modi, and Lalit may well be others too." "The India-UK FTA (Free Trade Agreement) will be signed today in London in the presence of Prime Minister Modi. What India needs from the UK is the announcement of another and more effective FTA (Fugitive Transfer Agreement)," Ramesh said on X. The India-UK FTA, billed as the UK's most economically significant bilateral trade deal since leaving the European Union, will be signed in the presence of Prime Minister Narendra Modi and his British counterpart Keir Starmer. The two prime ministers will also unveil an "UK-India Vision 2035" to take their partnership to new heights in a time of rapid global change. With the India-UK FTA to be signed during Prime Minister Modi's visit to Britain, the Congress on Wednesday had claimed that serious questions have emerged on its impact on India's domestic industry. In May, India and the UK sealed the FTA that is expected to benefit 99 per cent of Indian exports from tariffs and will make it easier for British firms to export whisky, cars and other products to India besides boosting the overall trade basket. The trade deal, firmed up after three years of negotiations, is expected to ensure comprehensive market access for Indian goods across all sectors and India will gain from tariff elimination on about 99 per cent of tariff lines (product categories) covering almost 100 per cent of the trade values, according to officials. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
