Britain has imposed new sanctions on several companies and institutions to limit Russia’s oil trade, including India’s private oil refinery Nayara Energy Limited. The British government said that this has been done so that President Putin’s financial resources can be weakened amid the war with Ukraine.
Naira Energy operates more than 6500 petrol pumps in India, whose share in the country is 7 to 8 percent.
The Foreign, Commonwealth and Development Office (FCDO) issued a statement on Wednesday saying that the new sanctions are aimed at targeting the center of Putin’s war funding. these restrictions Russia Would help limit access to global energy markets and curb oil revenues. “Today’s action shows that the government is fully committed to cutting off Putin’s revenue sources, including Russian companies and their global backers,” the FCDO said.
Britain The list of new sanctions includes four oil terminals in China, 44 tankers carrying Russian crude oil and India’s Nayara Energy. The UK claims Naira will import 100 million barrels of oil from Russia in 2024, worth more than US$5 billion.
The new sanctions also include companies from Thailand, Singapore, Turkey and China, which are accused of providing electronic components to Russia’s military supply chain that are used in drones and missiles being fired against Ukraine.
Action on Russian giant companies
The new restrictions will also directly affect Russia’s major oil companies Rosneft and Lukoil. According to the UK government, Rosneft alone controls about half of Russia’s oil production and 6 percent of global output. Britain’s Foreign Secretary Ivette Cooper told parliament, “Europe is stepping up the pressure at this critical time. The UK and our allies are taking action against Putin’s oil, gas and shadow fleets and will not back down until he abandons his war effort.”
Britain made this announcement during Russian Energy Week, in which Putin is trying to promote his energy exports to non-Western countries. FCDO said that these sanctions are meant to weaken Russia’s efforts to find new markets for oil and gas. In addition, a ban has also been imposed on the import of refined oil products to third countries, which are made from Russian crude oil.
Nayara Energy statement
Nayara Energy, which operates India’s second-largest private refinery in Vadinar, Gujarat, said the company fully complies with Indian laws and regulations. The company criticized the EU’s previous sanctions, calling them absurd and a violation of India’s sovereignty.
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