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Russia Sanctions: EU Restrictions On Russian Oil Could Hit India’s $15 Billion Fuel Exports; ‘Will Have To Walk A Fine Line…
Russian oil sanctions by the European Union could dent India’s $15 billion fuel exports, the Global Trade Research Initiative (GTRI) has warned.
The EU’s 27 member states have introduced their 18th sanctions package against Russia, primarily targeting the oil and energy sector revenues. From an Indian standpoint, the biggest takeaway is that these new sanctions also apply to imports of petroleum products refined from Russian crude oil in any third nation.
India imports crude oil from Russia in a big way and then exports it globally.
“Although India continues to engage in legitimate trade with Russia, the political optics of such transactions are shifting in Western capitals. As energy ties deepen, India will have to walk a fine line between economic pragmatism and geopolitical pressure,” Srivastava said.
Nayara Energy and Reliance Industries Limited (RIL) are expected to encounter challenges due to the European Union’s latest sanctions against Russian oil.
The EU has lowered the Russian oil price cap from $60 to $47.6 per barrel and introduced restrictions on vessels transporting Russian oil. These measures will become effective September 3.
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