India
-Krishna Kripa
India
has
expressed
its
stance
against
unilateral
sanctions,
urging
for
fairness
in
energy
trade.
This
follows
the
European
Union’s
(EU)
recent
sanctions
targeting
Russia’s
energy
sector,
including
restrictions
on
the
Vadinar
refinery
in
Gujarat.
The
EU’s
18th
sanctions
package
aims
to
reduce
Russia’s
oil
revenue
by
banning
imports
of
refined
petroleum
products
made
from
Russian
crude
oil.
image
EU
Sanctions
and
India’s
Response
The
EU’s
measures
also
involve
lowering
the
oil
price
cap
from
USD
60
to
approximately
USD
48
per
barrel.
The
Vadinar
Refinery,
where
Russian
firm
Rosneft
holds
a
significant
stake,
is
specifically
targeted.
In
response,
India
emphasised
its
commitment
to
legal
obligations
and
energy
security
for
its
citizens.
External
Affairs
Ministry
spokesperson
Randhir
Jaiswal
stated,
“We
would
stress
that
there
should
be
no
double
standards,
especially
when
it
comes
to
energy
trade.”
Kaja
Kallas,
the
EU’s
foreign
and
security
policy
chief,
highlighted
the
strength
of
the
new
sanctions
package
against
Russia.
She
stated
on
social
media
that
these
measures
are
among
the
strongest
yet
and
aim
to
weaken
Russia’s
war
capabilities.
“The
message
is
clear:
Europe
will
not
back
down
in
its
support
for
Ukraine,” Kallas
said.
Details
of
the
Sanctions
Package
The
EU
has
introduced
a
dynamic
mechanism
to
adjust
the
oil
price
cap
according
to
global
prices,
ensuring
its
effectiveness.
Oil
exports
account
for
a
third
of
Russia’s
government
revenue.
The
sanctions
target
Russian
and
international
companies
managing
shadow
fleet
vessels
and
traders
of
Russian
crude
oil.
The
EU
statement
mentioned
55
listings,
including
14
individuals
and
41
entities
undermining
Ukraine’s
sovereignty.
For
the
first
time,
a
shadow
fleet
vessel
captain
and
a
private
operator
of
an
international
flag
registry
are
listed.
Additionally,
one
entity
in
Russia’s
LNG
sector
is
included.
Impact
on
Global
Energy
Trade
The
EU
has
imposed
an
import
ban
on
refined
petroleum
products
made
from
Russian
crude
oil
from
any
third
country,
except
Canada,
Norway,
Switzerland,
the
UK,
and
the
US.
This
move
aims
to
align
with
current
global
oil
prices
while
maintaining
pressure
on
Russia.
Nayara
Energy’s
Vadinar
refinery
in
Gujarat
is
affected
by
these
sanctions
due
to
Rosneft’s
49.13%
stake.
The
EU
aims
to
curb
revenues
from
this
major
customer
of
the
shadow
fleet.
India
remains
firm
in
its
position
against
unilateral
sanctions
and
advocates
for
equitable
practices
in
energy
trade.
The
government
prioritises
energy
security
as
essential
for
meeting
citizens’
basic
needs.
With
inputs
from
PTI
