New Delhi: Naira Energy’s refinery at Gujarat’s Wadinar became the first time under Western sanctions in India as the European Union on Friday announced fresh caps on Russian oil exports aimed at funding for Moscow’s war machine. “For the first time, we are nominating a flag registry and the largest Rosneft refinery in India,” agencies quoted Kaza Kalas, the head of the European Union Foreign Policy. India replied, saying that it “does not take membership of any unilateral approval measures. We are a responsible actor and are fully committed to our legal obligations.”
Burglary in exports?
India says that energy cannot accept double standards on securityThe Government of India considers the provision of energy security to be the responsibility of paramount importance to meet the basic needs of its citizens. We will emphasize that there should be no double standards, especially when it comes to energy trade, ”said Randhir Jaywal, spokesman of the Ministry of External Affairs. New measures include reducing the current value cap of $ 60/barrel, the threshold can purchase threshold Russian oil in countries outside the G7 group of seven developed economies and reach the insurance services with Western shipping. Additionally, 105 off-radar vessels have been approved, which brings a total of 223 out of one fleet of 400 oil tankers and limits the ability to avoid Moscow’s value cap. Rosneft, with partners – Commodity Treder Traffigura and Russian investment firm UCP (United Capital Partners) – acquired a refinery with a capacity of 20 million tonnes per year in $ 12.9 billion in 2017 and assets affiliated to Essar Oil. Rosneft holds 49.1% in the enterprise. The refinery depends on exports to Europe and Africa as a small retail network of 6,750 fuel stations limits domestic sales. Carbes can cloud to exports on Russian oil products, affect operations and threaten jobs. Karbs will also derail the bid of Rosneft to get out of the venture as the restraint of restrictions makes impossible. As mentioned earlier by Toi, the Russian veteran started a conversation with Reliance Industries Limited to sell his stake in Nair, but the price of $ 20 billion $ 20 billion was proving to be a hindrance. The new price cap will be classified for the average of the market in a band as the current cap has been made less effective.
