She also imposed sanctions on more “shadow fleet boats”, which are largely used to move oil from Russia. Kaja Kallas, a high representative of the EU for foreign affairs and security policy, said in a contribution to the Social Media platform that the grouping of 27 nations also agreed to disable financial transactions related to gas gas pipeline in Russia.
Later on Friday evening, Randhir Jaiswal, a spokesman for the Ministry of External Affairs, said in his statement: “We noticed the latest sanctions announced by the European Union. India will not apply for any unilateral sanction measures.
The development is expected to hit Nayara hard, especially its export of oil products. Nayara is one of the only two Indian companies, the other is Reliance Industries, which exports oil products from the country because only private companies can export oil products. Indian exports of oil products increased by 3.4% to 64.7 million tonnes compared to 62.6 million tonnes in FY24, according to data from the cell of oil planning and oil analysis in FY25.
Certainly, while Nayara has the largest retail fuel network of the private sector in a country with about 6,500 fuel bunk beds, its share in the domestic market is small due to 90,000 petrol pumps in the India-Na market dominated by state-owned companies.
Meanwhile, according to Rosneft reports, he also looks at the sale of his share in his subsidiary. In March, The Economic Times said that the Russian Rosneft, which owns a 49.13% share in Nayara Energy, is trying to leave the Indian enterprise, as well as sanctions, Russian society has not been able to repatriate the revenues of Nayara Energy over the past few years.
“The export of the oil product from the refinery of Nayara to Europe would be influenced by sanctions. Europe was the main buyer of these products. Furthermore, probable interviews on the sale of Rosneft ‘share may be affected,” said Shashi Mathews, partner of CMS Induslaw. He added, however, that refinery should be able to navigate the price price, because in the last few years they have worked with a price ceiling of 60 USD.
“It is an evolving situation, it is necessary to see how it is being built. Implementation of sanctions in the shadow fleet and the price limit would be crucial. The impact on stocks will increase prices,” said Prasish, head of the vice president and group leader, Corporate Rating, ICRA.
The statement of the European Union Council said: “Block will prohibit the import of” refined petroleum products made from Russian oil and from any third country – except Canada, Norway, Switzerland, Great Britain and the United States – thus preventing the Russian oil market through the rear door. “
Questions sent to Nayara and Rosneft remained unanswered until the press time.
Experts said that this step can close the developing market for India. Europe is a key market for Indian oil products along with southeast Asia and the USA.
In December 2024, S&P Global Commodity Insights said: “Europe will increasingly prove to be the brightest market with exporters of Indian oil products that are earning a lack of diesel and other fuels due to geopolitical tension and trend to spin for the next year.”
He noted that refineries in India had increased exports to Europe and the Mediterranean because Europe and the United Kingdom banned Russian diesel in 2023. The report added that Reliance Industries is the largest exporter of products to Europe.
Kallas, who is also vice -chairman of the European Commission, said in X that the EU is firm. “We also reduce the Kremlin war budget and after 105 other shadow fleets, their activators, and limit the access of Russian banks to financing. For the first time, we designed a flag register and the largest Rosneft refiner in India.”
According to the EU statement, the latest sanctions out of 105 vessels are shifting the total vessels within the 444 sanction. These vessels will be subject to the prohibition of access to the port and the provision of a wide range of naval transport services.
“Full sanctions (freezing assets, travel bans, prohibitions for resources) focus on Russian and international companies managing shadow fleets, Russian oil traders and main customers shadow fleets-frames in India with Rosneft as its main shareholder.”
“With today’s EU package, it limits the revenue from Russian energy through a number of different measures. The EU reduces oil oil for oil from $ 60 to $ 47.6 per barrel to balance it with current global oil prices and introduce an automatic and dynamic mechanism to adjust the oil price and indicate that oil prices are efficient.
Experts said that sanctions on ships of shadow fleets can affect the offer of Russian prices and increase. Global oil prices increased by 1%on Friday. At the time of writing, the September contract was Brent on the intercontinental stock exchange at $ 70.16 per barrel, which is higher by 0.92% from the previous closure.
Similarly, the August Agreement on the intermediate of West Texas Intermediate (WTI) on NYMEX increased by 1.13% to $ 68.30 per barrel.
He warned with US President Donald Trump against sanctions on countries that imported Russian oil, the Minister of ROP and natural gas, Hardeep Singh Puri said on Thursday when he dealt with the energy conference in Nový Deli that India is not afraid of such sanctions and navigates any eventuality.
Trump recently said that the US could store 100% of tariffs on Russia and “secondary tariffs” on countries that import their oil – the main China and India – if Moscow disagreed with the agreement to end the Ukraine war in 50 days.
Responding to A Question on India’s Likely Measures in Case Secondary Sanctions Were Imposed on Russian Oil Imports, Union Ministry The Global Market from the Western Hemisphere.
He added that India felt “no pressure” and had enough offer options to ensure continuous availability even in turbulent times.
On Thursday, the Ministry of External Affairs responded to the recent remark of NATO Secretary General Mark Rutte, where he warned against secondary sanctions against countries buying Russian oil.
Since the beginning of the Russian-Ukraine War, Russia has interfered with India affected by sanctions affected by India, which represents about 36% of total oil imports in India. In February 2022, when the war began, only 0.2% of the total import of oil in India.
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