The European Union (EU) is Sanctioning Indian Crude Oil Refiner Nayara Energy As Part of Its Latest Transia Against Russia Over the Country’s War in Ukraine. The Eu has also decided to lower the price cap on Seaborne Russian Crude from the prevailing level of $ 60 per barrel. Rusian Oil Giant Rosneft Owns 49.13% Per cent in the Company, which was rechristed to Nayara Energy from Essar Oil After the Essar Group Sold The Refinry A Few Years Back. Nayara energy has a 20-million-tonnes-per-annum refinery in Gujarat’s vadinar, and operates a network of around 6,800 fuel retail outlets. It also sells part of its fuel production to public sector oil marketing companies.
The action would mean that Nayara Energy would not be able to export petroleum fuels and products to Europe, and potentially hit any of its dealings with european companies. It has also hit rosneft’s plan to exit nayara as the eu sanctions Could Spook Prospective Investors. To be sure, nayara energy is not a big fuel exporter to Europe, and is estimated to have account for around 4 per cent of India’s total fuel exports to Europe so far in 2025, according to India. Reliance Industries (RIL) is the biggest fuel exporter in the country, and accounted for around 90 per cent
The lower price cap on Russian Crude, which has not been special yet, Could be before the new cap is strictly enforced. This is because India is a major import of russian crude and if the price of the russian barrels Reduces Due to a low price cap, it can potentially low the cost of imports for India. Currently, Russian Crude Accounts for Around 40 Per cent of India’s Total Oil Import Volumes.
Industry insides are like that like the eu action is not clear yet, and clarity is likely when details of the sanctions and the new price cap emmerge. Importantly, it has to be seen as the United States will join the eu in these measures, as us action can have far greater consumes in terms of enforcement of the sanctions.
“We are standing fire. The eu just approved one of its strongest sanctions package against russia to date. Access to Funding. Exports for the first time, a flag registry in India. Stopping the aggression becomes the only path forward for moscow, “Kaja Kallas, The Eu High Representative for Foreign Affairs and Security Policy and Vice-Prcern of The European Committee, Posted on Social Media Platform x.
In Her Social Media Posts, Kallas Did not Provide additional details of the Eu’s latest sanctions package against Russia. The EU and the us are increasing pressure on Moscow to reach deal with a peace with kyiv and end the russia-writing war that began in february 2022. Have been targeting this revenue stream to force the kremlin’s hand into ending the ukraine war.
The us, EU, and a Few other powers had imposed a price cap of $ 60 per barrel on russian crude, as per which western shippers and insurers cannot party in russian oil trade if the pricing if the price trade. Level. Payment for oil cargoes in breach of the price cap can be in us dollars or euros.
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According to Industry Sources, Significant Volumes of Russian Crude Imported By India Are Transported By The So-Called Shadow Fleet-Vessels Effectively Controlled by Russia-Rusn`n’Net Rely on Westrn. Insurance, which means that such shipments need not adhere to the price cap. The price cap is adhered to cargoes that depend on western shipping and insurance. To be sure, Indian refiners Buy Russian Crude on a delivered Basis, which means that transportation and insurance are arranged by the seller.
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