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EU imposes sanctions on Rosneft's India refinery
Hindustan Times Noida
|July 19, 2025
The European Union (EU) on Friday imposed sanctions on the Indian oil refinery of Russian energy giant Rosneft and lowered the oil price cap, as part of a new raft of measures against Russia over its war in Ukraine.
The fresh sanctions package on Russia included new banking restrictions, and curbs on fuels made from Russian crude oil.
The lowered oil price cap - currently set at $60 per barrel - means Russia will be forced to sell its crude at reduced rates to buyers like India. As the second-largest purchaser of Russian oil, India stands to benefit from this move. Russian crude currently accounts for nearly 40 per cent of India’s total oil imports.
This story is from the July 19, 2025 edition of Hindustan Times Noida.
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