EU imposes sanctions on Rosneft’s refinery

The European Union (EU) on Friday unveiled sanctions on the Vadinar refinery in Gujarat, jointly owned by Russian energy firm Rosneft and an investment consortium, as part of a new package of measures largely aimed at curbing the revenues of Russia’s oil and energy sector that also included an import ban on refined petroleum products made from Russian crude oil and coming from any third country.

- HT Correspondent

The 18th package of sanctions against Russia over its war against Ukraine, announced almost two months after the previous package, also included lowering the oil price cap from $60 to about $48 a barrel. Russia has emerged as India’s top energy supplier since the West slapped sanctions on its oil after the invasion of Ukraine, and currently accounts for nearly 35% of overall supplies, followed by Iraq and Saudi Arabia.