EU Sanctions Russia-Owned Refinery in India to Target Putin's Oil Income Amid Ukraine War
The European Union (EU) has imposed sanctions on a Russian-owned refinery in India as part of its 18th round of measures against Russia over the conflict in Ukraine. The move aims to impact Vladimir Putin's oil revenue used to fund the war. The EU has also taken actions to restrict Russian banks' access to funding and block tech exports used in drones.
With the 18th package of sanctions on Russia over its war on Ukraine, the European Union (EU) targeted Russia’s oil revenue and sanctioned an Indian refinery for the first time. The EU lowered the price cap on Russian oil to 15% below the market price to impact Vladimir Putin’s income from oil sales used to fund the war on Ukraine.
The EU sanctioned the Vadinar oil refinery in India, in which Russian state-owned Rosneft has a 49% stake. This refinery is the second-largest in India. Additionally, the EU targeted shadow fleet ships, enablers, Russian banks, Nord Stream pipelines, and Chinese banks involved in sanctions evasion.
The EU revised its price cap policy, linking it to the market price and imposing sanctions on firms involved in selling Russian oil above the capped price. More than 100 vessels in Russia's 'shadow fleet' were blacklisted, and restrictions were placed on dual-use goods exports to Russia.
The EU also sanctioned the Indian flag registry, allowing punishment for India-flagged ships involved in selling Russian oil above the price cap. The EU did not sanction the sale of Russian oil but targeted sales above the price cap.
According to the source: Firstpost.
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