News Brief
Nayara's Gujarat Refinery Hit By EU Sanctions, India Slams Double Standards
EU officials unveil the 18th sanctions package targeting Russia’s energy revenues. (Pic Via X)
The European Union (EU) on Friday (17 July) imposed sanctions on Gujarat’s Vadinar refinery jointly owned by Rosneft and a global investment group as part of its 18th package targeting Russia’s energy revenues, reporting Hindustan Times.
The package includes a ban on refined petroleum products made from Russian crude, even if exported by third countries. Exceptions include the US, UK, Canada, Norway, and Switzerland.
The sanctions also reduce the oil price cap from $60 to $47.6 per barrel and apply a dynamic mechanism to keep the cap aligned with global oil prices.
“The EU is lowering the price cap... and introducing an automatic and dynamic mechanism,” an EU statement said.
India Rejects ‘Unilateral Measures’
India responded sharply, asserting it doesn’t support unilateral sanctions.
He added, “We would stress that there should be no double standards, especially when it comes to energy trade.”
Refinery and Trade Under Pressure
The EU’s move affects Nayara Energy’s Vadinar refinery, which has a capacity of 20 MMT and is India’s second largest.
The bloc now restricts access to EU ports and services for 105 more tankers allegedly linked to Russia’s shadow fleet.
