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The Print
4 days ago
- Business
- The Print
In 18th sanctions package against Russia, EU targets Rosneft's India refinery, cuts price cap on crude
The statement added: 'For the first time, we're designating a flag registry and the biggest Rosneft refinery in India. Our sanctions also hit those indoctrinating Ukrainian children. We will keep raising the costs, so stopping the aggression becomes the only path forward for Moscow.' '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,' read the statement of Kaja Kallas, the EU's High Representative for Foreign Affairs and Vice President (HRVP) on X. New Delhi: The European Union Friday agreed to sanction Russia-based Rosneft's largest refinery in India, targeting Russia's shadow fleet, while reducing the price cap on Russian crude, and also potentially taking aim at refined oil products—which could impact over 16 percent of India's exports to the continent. We are standing firm. The EU just approved one of its strongest sanctions package against Russia to date. 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. (1/3) — Kaja Kallas (@kajakallas) July 18, 2025 The 18th sanctions package originally proposed to also target the 're-export' of refined oil products based on Russian crude, which the bloc has an issue with, as pointed out EU's envoy to India Hervé Delphin Thursday. 'In a way, we never prevented anyone from buying oil from Russia. Good for India if it had bought Russian oil at discounted prices because that makes it more affordable for you. That is not the problem. For us, what is the problem is that indeed reducing the capping is about reducing the revenues,' he said, while speaking at Delhi's Ananta Centre. Delphin added: 'Now the new sanctions package will also address the question of refined oil products. It is true in the context of business there were market opportunities created, whereby India, which has never been historically an exporter of refined products towards Europe, has become one. But it is an artificial situation created by the capping.' In the 2024-2025 financial year, India exported roughly $16.5 billion worth of petroleum goods to Europe, according to data from the MInistry of Commerce and Industry. The amount is around a quarter less than the previous year, with exports of around $22.5 billion worth of petroleum products to the continent. However, the export of these products makes up the largest chunk of India's exports to the Netherlands, a member of the EU, with roughly $13.2 billion worth of goods exported in 2024-2025—roughly 58 percent of total exports to the country—according to data released by the Ministry of Commerce and Industry. The total exports of petroleum products (HS Code: 27) made up roughly 16.83 percent of India's total exports to Europe in the last financial year. The EU taking aim at refined oil products based on Russian crude could impact its overall exports to the continent. While India's overall exports to the EU member-states stood at roughly $75 billion in the last fiscal year, India's exports of goods to the continent stood roughly at $98 billion with the rest of Europe included. Meanwhile, India's imports of Russian crude continued to increase, touching $56 billion in the last financial year (2024-2025), which was 4.8 percent higher than the previous year, when the total stood at roughly $54.23 billion, according to commerce ministry data. 'The oil market by the way has elasticity, and there is a good supply. It is not as if it corners India in a way that it cannot have alternatives. Even with a lower cap, it puts India in a better position to bargain for a cheaper oil price [with Russia]. There are opportunities for India itself, I am not talking about the re-export of refined products, which is an issue for us,' said Delphin. The EU passed the 18th sanctions package, after hectic parlays with Slovakia, which had held it up the previous two days. The package is linked to the bloc's planned phasing out of Russian energy by 2027. Without unanimity among member states, the EU cannot enforce new sanctions. Also read: US likely to move bill imposing 500% tariffs on nations trading with Russia, including India & China Understanding the G7 price cap The European envoy was clear that the sanctions imposed by the EU in 2022 were never 'designed' to disrupt the global supply of oil, but rather as a means to reduce the amount of 'revenues that would be fed' and 'channeled' in Russia's war economy. Brussels has been looking for ways to apply further economic pressure on Russia as its war with Ukraine has dragged on for over three years. In December 2022, the members of the G7 (US, UK, France, Italy, Germany, Japan, Canada and EU) had announced their intention to introduce price caps on the purchase of Russian crude to $60 per barrel as a means to reduce the overall revenues for Moscow. 'While the EU's ban on importing Russian seaborne crude oil and petroleum products remains fully in place, the price cap will allow European operators to transport Russian oil to third countries, provided its price remains strictly below the cap,' the EU had said in a statement in December 2022 on the implementation of the G7 price cap. However, since then the cost for Brent crude oil has steadily decreased, with it trading around $68 a barrel currently, edging closer to the G7 price cap. The EU, originally in June this year, proposed a further reduction of the price cap to $45 a barrel to ensure the sanctions remain effective in curbing Russia's oil exports. Roughly a third of Russian government revenues continue to be earned from the sale of crude. In the latest package, the EU has agreed to a floating price cap on Russian crude, ensuring that it remains 15 percent below the market price. According to Reuters, the new price cap, for which third countries, including India, could purchase Russian crude, will be reduced to $47.6 a barrel. The floating price cap would be revisited every three months based on the average prices. The UK and the EU have been pushing for the new caps, which has found no support from the US under incumbent President Donald J. Trump. (Edited by Mannat Chugh) Also read: Our diplomacy anchored in national interest—Hardeep Singh Puri defends India's purchase of Russian oil
Time of India
5 days ago
- Business
- Time of India
India A Safe Investment In A World Where Trade and Tech Are Being Weaponised: EU Envoy
In a world where trade, technology, and migration are increasingly weaponised, the European Union has declared India a "safe investment." EU Ambassador Hervé Delphin hailed the partnership as historically strong, citing trust, shared democratic values, and rising strategic alignment. At a key event, Delphin emphasized the urgency to conclude the EU-India Free Trade Agreement (FTA) by end-2025, calling it a turbocharger for future cooperation. From combating economic coercion to reshaping global diplomacy, both blocs now stand together in a volatile world. #india #europeanunion #freetradeagreement #eufta #indiaeutradedeal #euindia #safeinvestment #fta #indiaeurope #geopolitics #ursulavonderleyen #weaponisedworld #hervedelphin #toi #toibharat #bharat #trending #breakingnews #indianews Read More
The Hindu
08-07-2025
- Politics
- The Hindu
101 Indian students get EU's Erasmus scholarship
Hundred and one Indian students, including 50 women, received the 'Erasmus + scholarships' awarded by the European Union for a two-year master's programme in Europe for the coming academic year. EU's India office said India continues to be the largest recipient of the scholarship overall (since 2014) and ranks among the top three countries in this year. 'Erasmus+ students typically study in at least two European universities and receive a joint, double, or multiple degree. The scholarship covers tuition, travel, and living expenses, providing the recipients with a unique opportunity to enhance their academic and professional pursuits,' a statement from the Delegation of the European Union to India said. The scholarship winners are from 20 States and will pursue a wide range of areas of focus, including sustainable urban development, artificial intelligence, migration and public policy, intellectual property law, food security, engineering, sustainable drug discovery, safe and reliable nuclear applications and more. The Delegation of the European Union to India hosted a pre-departure ceremony for the selected scholars on Tuesday (July 8, 2025). Congratulating the students, EU Ambassador to India, Hervé Delphin, said the scholarship opened doors for over 6,000 Indian students and scholars to Europe's top universities. 'Over 90,000 Indian students are studying in Europe, a clear sign of the trust and enthusiasm for what Europe offers. These students are choosing Europe for its quality, diversity, and affordability and this shows why Europe has rightfully earned its place as one of the top global destinations for higher education,' he said.
United News of India
08-07-2025
- Business
- United News of India
101 Indians get Erasmus+ scholarships
New Delhi, July 8(UNI) India continues its remarkable streak as the top recipient of the prestigious Erasmus+ scholarships, as 101 Indian students were awarded grants for two-year master's programs in Europe starting in 2025. This marks India as the largest overall recipient since 2014 and among the top three globally this year, showcasing the deepening academic ties with the EU. These highly sought-after scholarships cover tuition, travel, and living expenses, enabling students to pursue diverse fields crucial to EU-India priorities like sustainability, innovation, and inclusive development. Recipients hail from 20 Indian states and will study in over 19 EU countries, including France, Spain, Germany, and Italy. At a pre-departure ceremony in New Delhi, EU Ambassador to India, H.E. Hervé Delphin, congratulated the scholars, calling Erasmus+ "a passport for personal and professional growth." He highlighted that over 90,000 Indian students are currently studying in Europe, a testament to the continent's quality, diversity, and affordability in higher education. He emphasized that these scholars will become vital bridges between the EU and India. Beyond student mobility, Erasmus+ actively fosters university cooperation through initiatives like Capacity Building in Higher Education (CBHE) projects that modernize institutions and Jean Monnet Actions recognizing excellence in European Studies by Indian professors. Since its inception in 2004, over 6,000 Indian students have received Erasmus+ scholarships, with a consistent rise in women's participation. With over 4,000 higher education institutions, Europe remains a thriving global hub for learning and research. As the EU and India celebrate over 60 years of diplomatic relations, educational exchange and youth mobility remain central to their strategic partnership, promising deeper future collaboration in research, education, and technology. UNI XC RKM
Hindustan Times
01-07-2025
- Business
- Hindustan Times
India-EU trade talks gained urgency due to US tariffs, Europe's trade deficit with China: EU envoy
Negotiations for the India-European Union (EU) free trade agreement have gained urgency because of US tariff policies and Europe's trade deficit with China, and both sides are committed to the yearend deadline for finalising the deal because failure will result in a 'significant cost', EU ambassador Hervé Delphin has said. The two sides set to begin the 12th round of negotiations in Brussels on July 7. (@EUAmbIndia) With the two sides set to begin the 12th round of negotiations in Brussels on July 7, Delphin said in an interview that five chapters of the proposed FTA on intellectual property, customs and trade facilitation, transparency, good regulatory practices and mutual administrative assistance were closed at the last round in May. Delphin acknowledged that 'big blocks', such as core market access issues, tariffs, and technical barriers to trade, are yet to be agreed on, though negotiations haven't been blocked by such matters as the two sides are holding talks to 'delineate the parameters of [a] landing zone'. The yearend deadline set by Prime Minister Narendra Modi and European Commission President Ursula von der Leyen during the EU College of Commissioners visit in February gave focus to the FTA negotiations, which were relaunched in June 2022 after a hiatus of almost a decade. 'Since this pronouncement by the leaders, the geo-economic environment has made this guidance even more compelling. There was a foresight [and] a clear vision that this FTA is needed,' Delphin said, adding the deal will help in derisking and providing stability. 'There are the tariffs by the US, but there is also, as far as the EU is concerned, this trade deficit we have with China. That creates a significant trade distortion…The fact that it's not just tariffs, it's the whole construct of what was the so-called global trade order, which is unravelling,' he said. India and the EU stand to gain from the deal because of complementarities between the two economies. 'With this context of geopolitical and geoeconomic turbulence, the fact that derisking is increasingly important and Covid-19 showed the importance of diversifying, there are a lot of elements to make the case for the FTA even more compelling,' Delphin said. 'If you put all that together, that has given so much traction and so much focus to get the FTA done by the end of the year.' Delphin pointed to the frequency and intensity of negotiations, including recent visits to Brussels by commerce minister Piyush Goyal and external affairs minister S Jaishankar, and said the message emerging from these meetings was the same - the determination to get the deal done. 'I think we can be reasonably confident that it's going to be there because in a way, failure, at this point in time, would have a significant cost for both. I think failure is not contemplated. We want to get [the trade deal],' he said. Besides formal rounds of negotiations, there have been other contacts to push the trade deal, with the EU's chief negotiator travelling to New Delhi to meet his Indian counterpart last Saturday to take stock of the talks. 'If you look at the substance, at the last round, we closed five chapters on intellectual property, customs and trade facilitation, transparency, good regulatory practices, and mutual administrative assistance. We are moving closer to closing chapters on dispute settlement, state-owned enterprises, subsidies and digital trade,' Delphin said. Delphin acknowledged India's sensitivities about the agricultural sector, noting that red lines had been 'framed from the very beginning', but said wines and spirits continue to be an important element for the EU side. 'We are not going to lose time on those, to be very frank. But there is one element within the agriculture chapter, which is wines and spirits…This is part of the elements that would form meaningful trade. On this, we are quite optimistic of progress,' he said. Asked if the India-UK FTA finalised in May - which envisages cutting Indian import duty on Scotch whisky and gin from 150% to 75% initially, with a further reduction to 40% over 10 years - can serve as a template for India and the EU, Delphin replied: 'Not a template, but a reference point because it gives a benchmark. The size of the EU economy is 12 or 14 times…bigger than the UK. You want this somehow to be reflected in the agreement,' he said. India's move to revise the text of the model Bilateral Investment Treaty and a proposed amendment of the Geographical Indications (GI) of Goods Act are positive developments that will have a 'net positive fallout' on India-EU negotiations for agreements on bilateral investments and GI, Delphin said. He sought to address the Indian side's concerns about the EU's Carbon Border Adjustment Mechanism (CBAM), set to kick in from January 2026, by saying it is 'not a trade instrument'. The EU has engaged in an outreach to Indian industry through the Federation of Indian Chambers of Commerce and Industry (FICCI) to explain the new CBAM simplification package. 'It's part of our climate agenda…CBAM induces this whole agenda of decarbonisation,' he said. Also Read: EU to accept Trump's universal 10% tariff, seeks exemptions on key sectors Delphin said it would be unfair to impose CBAM on European companies while allowing firms from outside to import high carbon content goods. 'We have engaged with partners, listened to partners, and we did several rounds here in India, took back the comments, and we adjusted,' he said. The EU is India's second-largest trade partner, accounting for trade in goods worth €120 billion in 2024, or 11.5% of India's total trade, while trade in services was worth €59.7 billion in 2023. Though India-EU trade in goods increased by nearly 90% in the past decade, India is the EU's 9th largest trade partner, accounting for 2.4% of the EU's total trade in goods in 2024, behind the US (17.3%), China (14.6%) and the UK (10.1%).
