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Kallas stressed that the EU would “keep raising the costs, so stopping the aggression becomes the only path forward for Moscow.”
The sanctions package includes action against 105 vessels of Russia’s “shadow fleet” and their enablers, the Russian banking system, and a ban on the Nord Stream 1 and 2 gas pipelines running under the Baltic Sea.(Representational image: AFP)
India’s refined oil exports may face increased challenges in the international market following the European Union’s latest sanctions package targeting Russia.
On Friday, the EU approved its 18th package of sanctions in response to Russia’s aggression against Ukraine. The announcement was made by Kaja Kallas, the EU High Representative for Foreign Affairs and Security Policy.
“We are standing firm. The EU just approved one of its strongest sanctions package against Russia to date. We’re cutting the Kremlin’s war budget further, going after 105 more shadow fleet ships, their enablers, and limiting Russian banks’ access to funding,” Kallas wrote on X.
“Nord Stream pipelines will be banned. A lower oil price cap. We are putting more pressure on Russia’s military industry, Chinese banks that enables sanctions evasion, and blocking tech exports used in drones,” she added.
“For the first time, we’re designating a flag registry and the biggest Rosneft refinery in India. Our sanctions also hit those indoctrinating Ukrainian children. We will keep raising the costs, so stopping the aggression becomes the only path forward for Moscow,” Kallas said.
The sanctions package includes action against 105 vessels of Russia’s “shadow fleet” and their enablers, the Russian banking system, and a ban on the Nord Stream 1 and 2 gas pipelines running under the Baltic Sea.
It is the first time the EU has sanctioned a flag registry. The registry in question includes a list of ships sailing under the Indian flag.
The sanctions also cover the biggest Rosneft refinery in India. While Rosneft does not directly own a refinery in India, it holds a 49.13% stake in Nayara Energy, which operates the Vadinar refinery — the second-largest single-site refinery in India.
This development could mean more trouble for Indian refined oil in the international market.
Amid the developments, EU Ambassador to India Hervé Delphin recently clarified the bloc’s position, saying, “We never prevented anyone from buying oil from Russia. Good for India that it got Russian oil at discounted prices, makes it more affordable. EU sanctions only cap oil revenue; lower cap puts India in better bargaining position.”
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