Latest news with #Rosneft
Time of India
2 hours ago
- Business
- Time of India
‘Existential issues not just Europe's concern': India counters Western pressure on Russian oil
As Prime Minister Narendra Modi prepares for his upcoming visit to the United Kingdom, Foreign Secretary Vikram Misri has pushed back against renewed Western criticism over India's continued imports of Russian oil. Speaking to reporters on Tuesday, Misri emphasised that India's energy security remains a fundamental priority and warned against viewing the global energy crisis through a narrow, Eurocentric lens. While acknowledging the gravity of the security crisis in Europe stemming from Russia's war in Ukraine, Misri stressed that other parts of the world are facing their own urgent and potentially existential challenges — many tied to energy affordability and access. "On energy-related issues itself, also, as we have said previously, it is important not to have double standards and to have a clear-eyed perception of what the global situation is insofar as the broader energy market is concerned... We do understand that there is an important and serious security issue that is confronting Europe, but the rest of the world is also there. It is also dealing with issues that are existential for the rest of the world, and I think it's important to keep balance and perspective when talking about these issues," Misri was quoted as saying. He argued for a balanced, globally inclusive perspective on energy policy and warned against double standards in applying sanctions or pressuring energy partners. EU sanctions put India's oil exports at risk His remarks come as the European Union rolls out a fresh round of sanctions targeting Russia's oil revenues. The new restrictions — aimed at curbing Moscow's ability to finance its war effort — include tighter controls on fuels derived from Russian crude, a lower price cap, and new banking penalties. Among the targets is an Indian refinery operating in partnership with Russian energy giant Rosneft, raising concerns about collateral damage to India's energy trade. The EU's crackdown is expected to affect countries like India, Turkey, and the UAE, which process Russian crude and export refined products such as diesel and jet fuel — often to European buyers. Analysts warn that this could pose a direct threat to India's export earnings. According to trade policy think tank GTRI, India's petroleum product exports to the EU have already fallen sharply — from $19.2 billion in FY24 to $15 billion in FY25, a drop of over 27per cent. The EU's new sanctions may further squeeze India's $5 billion in oil-derived exports to the bloc, especially since they now prohibit imports of refined fuel made from Russian crude, even if processed outside Russia. At the same time, India's reliance on Russian oil has grown. In FY2025, India imported over $50 billion worth of crude oil from Russia — making up more than a third of its total oil import bill of $143 billion. U.S. threatens harsh tariffs on Russian oil buyers Meanwhile, Washington has also adopted a tougher stance. US President Donald Trump and several U.S. lawmakers have threatened punitive trade measures against countries like India, China, and Brazil for maintaining energy ties with Moscow. Senator Lindsey Graham, speaking on Fox News, warned that the U.S. would impose steep tariffs on nations buying Russian oil, accusing them of enabling the war through "blood money." Trump has gone a step further, saying the U.S. would levy 100per cent secondary tariffs on any country continuing to import Russian fossil fuels, unless Russian President Vladimir Putin agrees to a peace deal within 50 days. His remarks came during a meeting with NATO officials, signaling that this could become a key foreign policy position in a potential second Trump administration.
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Business Standard
3 hours ago
- Business
- Business Standard
Rosneft's Nayara Energy stake sale hits EU sanctions major roadblock
Rosneft's proposed sale of its stake in Nayara Energy has encountered a significant roadblock due to the European Union's latest sanctions on Russia's oil sector Dev Chatterjee Mumbai Listen to This Article The proposed sale of Russian energy giant Rosneft's 49.13 per cent stake in Nayara Energy — which operates India's largest single-location refinery at Vadinar — has run into a major obstacle following the European Union's latest sanctions targeting Russia's oil sector. Rosneft has been looking to exit the Indian venture, with reports pegging Nayara's total valuation at around $17 billion. Reliance Industries is currently seen as the frontrunner in the race to acquire the stake. However, the EU's additional sanctions package, announced last week in response to Russia's invasion of Ukraine, includes Nayara Energy among the entities targeted due to
Time of India
3 hours ago
- Business
- Time of India
‘Existential issues not just Europe's concern': India counters Western pressure on Russian oil
As Prime Minister Narendra Modi prepares for his upcoming visit to the United Kingdom, Foreign Secretary Vikram Misri has pushed back against renewed Western criticism over India's continued imports of Russian oil. Speaking to reporters on Tuesday, Misri emphasised that India's energy security remains a fundamental priority and warned against viewing the global energy crisis through a narrow, Eurocentric lens. While acknowledging the gravity of the security crisis in Europe stemming from Russia's war in Ukraine, Misri stressed that other parts of the world are facing their own urgent and potentially existential challenges — many tied to energy affordability and access. "On energy-related issues itself, also, as we have said previously, it is important not to have double standards and to have a clear-eyed perception of what the global situation is insofar as the broader energy market is concerned... We do understand that there is an important and serious security issue that is confronting Europe, but the rest of the world is also there. It is also dealing with issues that are existential for the rest of the world, and I think it's important to keep balance and perspective when talking about these issues," Misri was quoted as saying. He argued for a balanced, globally inclusive perspective on energy policy and warned against double standards in applying sanctions or pressuring energy partners. EU sanctions put India's oil exports at risk His remarks come as the European Union rolls out a fresh round of sanctions targeting Russia's oil revenues. The new restrictions — aimed at curbing Moscow's ability to finance its war effort — include tighter controls on fuels derived from Russian crude, a lower price cap, and new banking penalties. Among the targets is an Indian refinery operating in partnership with Russian energy giant Rosneft, raising concerns about collateral damage to India's energy trade. The EU's crackdown is expected to affect countries like India, Turkey, and the UAE, which process Russian crude and export refined products such as diesel and jet fuel — often to European buyers. Analysts warn that this could pose a direct threat to India's export earnings. According to trade policy think tank GTRI, India's petroleum product exports to the EU have already fallen sharply — from $19.2 billion in FY24 to $15 billion in FY25, a drop of over 27per cent. The EU's new sanctions may further squeeze India's $5 billion in oil-derived exports to the bloc, especially since they now prohibit imports of refined fuel made from Russian crude, even if processed outside Russia. At the same time, India's reliance on Russian oil has grown. In FY2025, India imported over $50 billion worth of crude oil from Russia — making up more than a third of its total oil import bill of $143 billion. U.S. threatens harsh tariffs on Russian oil buyers Meanwhile, Washington has also adopted a tougher stance. US President Donald Trump and several U.S. lawmakers have threatened punitive trade measures against countries like India, China, and Brazil for maintaining energy ties with Moscow. Senator Lindsey Graham, speaking on Fox News, warned that the U.S. would impose steep tariffs on nations buying Russian oil, accusing them of enabling the war through "blood money." Trump has gone a step further, saying the U.S. would levy 100per cent secondary tariffs on any country continuing to import Russian fossil fuels, unless Russian President Vladimir Putin agrees to a peace deal within 50 days. His remarks came during a meeting with NATO officials, signaling that this could become a key foreign policy position in a potential second Trump administration.
India.com
4 hours ago
- Business
- India.com
We Will Do...: Indias BIG Remark On EU Sanctions, US Threat To Economy Over Russian Oil
India on Tuesday made it clear that it won't bow down to the sanctions by the European Union and threats to the economy issued by the United States over the purchase of Russian oil. Addressing media ahead of Prime Minister Narendra Modi's visit to the United Kingdom, Foreign Secretary Vikram Misri said that energy security is the government of India's top concern, and it will do what is needed to be done. "We have been very clear that insofar as energy security is concerned, it is the highest priority of the government of India to provide energy security for the people of India, and we will do what we need to do with regard to that. On energy-related issues itself, also, as we have said previously, it is important not to have double standards and to have a clear-eyed perception of what the global situation is insofar as the broader energy market is concerned," said Misri. He said that while India understands the security situation confronting Europe, the rest of the world is also dealing with some kinds of issues. "We do understand that there is an important and serious security issue that is confronting Europe, but the rest of the world is also there. It is also dealing with issues that are existential for the rest of the world, and I think it's important to keep balance and perspective when talking about these issues," said Misri. Notably, Misri's comments came in the wake of the EU and the United States threatening India, China and Brazil against Russia ties. In its latest round of sanctions, the European Union has introduced stricter measures targeting Russian oil revenues. These include a lower price cap on Russian crude, restrictions on refined fuels produced from it, and new financial sanctions. The sanctions also extend to Rosneft's joint venture refinery in India and additional limitations on Russian banking access—all aimed at curbing Moscow's ability to fund its war efforts through energy exports. The new restrictions are expected to have ripple effects on countries such as India, Turkey, and the UAE, which import significant volumes of Russian crude oil, refine it, and then export fuels like diesel, petrol, and jet fuel to European markets. Meanwhile, the United States under the Trump administration has also taken a hard stance. President Donald Trump and other senior officials have issued warnings to countries like India, China, and Brazil—all part of the BRICS group—stating that continuing oil trade with Russia could lead to severe economic repercussions. In a televised interview on Fox News, U.S. Senator Lindsey Graham said, 'Here's what I would tell China, India, and Brazil: If you keep buying cheap Russian oil to allow this war to continue, we're going to tear up the hell out of you, and we're going to crush your economy.' He further added, 'What you're doing amounts to profiting off blood money, and we won't allow it to continue without consequences.'
Time of India
6 hours ago
- Business
- Time of India
'Will do what we need to do': India takes tough stand on EU sanctions over Russian oil; 'energy security top priority'
AI-generated image used for representation NEW DELHI: Ahead of Prime Minister Narendra Modi 's visit to the United Kingdom, foreign secretary Vikram Misri on Tuesday addressed questions about growing Western pressure on India over buying Russian oil. He made it clear that India's energy needs come first. Misri said, "…We have been very clear that insofar as energy security is concerned, it is the highest priority of the government of India to provide energy security for the people of India, and we will do what we need to do with regard to that." He added, "On energy-related issues itself, also, as we have said previously, it is important not to have double standards and to have a clear-eyed perception of what the global situation is insofar as the broader energy market is concerned... We do understand that there is an important and serious security issue that is confronting Europe, but the rest of the world is also there. It is also dealing with issues that are existential for the rest of the world, and I think it's important to keep balance and perspective when talking about these issues. " His comments came after the European Union imposed a new round of sanctions on Russia over its war in Ukraine. The EU's latest move includes restrictions on fuels made from Russian crude and lowers the oil price cap. It also targets Rosneft's Indian joint venture refinery and imposes new banking curbs, all aimed at cutting off Russian income from oil. At the same time, the Trump-led US administration has also taken a tough line. Both President Donald Trump and other American leaders have warned countries like India, China, and Brazil - all Brics members - that they could face harsh economic penalties for continuing to import Russian oil. Speaking on Fox News, US senator Lindsey Graham said, "I would tell China, India & Brazil. If you keep buying cheap Russian oil, to allow this war to continue, we will tariff the hell out of you," adding, "And we're going to crush your economy, because what you are doing is blood money." President Trump had earlier echoed a similar warning during a meeting with Nato secretary general Mark Rutte at the White House. He declared that the US would impose 100 percent "secondary tariffs" on countries that keep purchasing Russian oil and gas if President Vladimir Putin does not agree to a peace deal within the next 50 days. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
