lowers oil price cap - Business Outrank

The European Union has taken two new measures against Russia by imposing sanctions on Rosneft’s Indian refinery Nayara Energy and lowering the price cap on oil. The EU has banned the export of fuels from the Vadinar refinery of Nayara Energy to Europe. The Vadinar refinery which is owned by Rosneft through its Indian subsidiary Nayara processes Russian crude and operates more than 6,750 petrol pumps in India. The EU has reduced the $60-a-barrel price cap on Russian oil to between $45–$50 which benefits major importers like India that imports 40% of its oil from Russia. The EU has expanded its sanctions list to include more ships and entities that help Russia evade Western controls even though previous caps failed to stop Russia’s ‘shadow fleet’. EU foreign policy chief Kaja Kallas stated that the new measures will further reduce Russia’s war budget by targeting banks and shadow ships and technology exports. The sanctions also target Nord Stream pipelines, Russia’s banking sector, and two Chinese banks. India has obtained cheap Russian oil but there are risks that US sanctions could be imposed. The EU seeks to reduce Russia’s revenue stream which funds its war efforts while Europe keeps importing refined fuels from India despite banning Russian crude imports.

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