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.
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