New Delhi: In a new sanction bombshell, the United States has punished two Russian oil giants—Rosneft and Lukoil—aiming to strike at Moscow’s war-funding
machine, as taxes from oil and energy trade account for a quarter of the country’s federal revenue. According to analysts, the move is not just a setback for Russia but may also pose challenges for India and China, the two major clients of Russian crude.
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According to TOI, analytics firm Kpler reported that Russian oil accounted for 36 per cent of India’s total crude imports in the current fiscal year. Though Donald Trump and the West have repeatedly pressured India to stop buying oil from Russia, arguing it funds the Ukraine war, a claim India has consistently dismissed, the new sanctions on Russian oil giants may prove challenging for Moscow’s two biggest oil clients. Donald Trump has time and again urged India to halt Russian oil purchases, but New Delhi stood firm, acting in its national interest. https://www.youtube.com/watch?v=1nuDAanHPBQ Even after Trump’s reciprocal tariffs and an added 25 per cent penalty, India did not budge and continued purchasing Russian oil. However, according to a Bloomberg report, the latest sanctions on Russian oil companies may impact crude oil trade between India and Russia. Indian Refiners Reviewing New Sanctions on Russia Reuters, citing sources, said that Indian oil companies and refiners are reviewing the latest sanctions on Russia. Reuters reported that Indian refiners are going through oil trade documents to ensure no supply is coming directly from Rosneft and Lukoil following the US sanctions. https://www.youtube.com/watch?v=nYV4RSIEeGk However, reports suggest there may be a slight breather, as Indian companies do not directly buy oil from Russian firms, the deals are routed through intermediaries. So far, no statement has been issued by any Indian refiners in response to the latest U.S. sanctions on Russia. 'Serious But Won't Impact...': What Putin Said in First Response To Trump's Sanctions Russian President Vladimir Putin today issued his first response after Donald Trump hit Russia's two biggest oil companies with sanctions and called it "serious". Putin remarked that while the move would have "consequences", it will not significantly impact Moscow's "economic well-being". "They (sanctions) are serious for us, of course, that is clear. And they will have certain consequences, but they will not significantly impact our economic well-being," Putin told reporters, AFP reported. Has China Already Halted Purchasing Russian Oil? According to Reuters, China has halted purchases of seaborne Russian oil after the Donald Trump administration imposed new sanctions on two Russian oil giants—Rosneft and Lukoil. However, there has been no official statement by Beijing or its oil companies confirming the development.
Putin Mocks EU Sanctions, Warns It Will 'Cost Them Dearly'
Russian President Vladimir Putin has hit back at the European Union after the bloc announced its 19th sanctions package, which, among other items, bans the export of toilets and bidets to Russia, Russia Today reported.
Speaking to reporters, Putin mocked the EU's decision, warning that such measures would "cost them dearly." He added, "They will need Russian toilets if they continue to behave this way."
Earlier in the day, the Official Journal of the European Union published details of the new sanctions, which extend restrictions to include sanitary ware such as toilets and bidets, as well as goods like flowers, moss, and motorised toys.
The new package also targets Russia's liquefied natural gas (LNG) sector and several other industries.
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Are Indian Firm Among 45 entities Sanctioned by EU For links with Russia According to PTI, 3 India-based companies were among 45 entities sanctioned by the European Union on Thursday for their alleged links with Russian military. The EU slapped the punitive actions against the firms as part of its 19th package of sanctions which are part of efforts to put economic pressure on Russia for its invasion of Ukraine. There was no immediate reaction from Indian officials to the EU action. An EU readout said the European Council has identified 45 new entities "directly supporting" Russia's military and industrial complex by "enabling the circumvention of export restrictions on computer numerical control (CNC) machine tools, microelectronics, unmanned aerial vehicles (UAVs) and other advanced technology items".
"These entities will be subject to tighter export restrictions with regard to dual-use goods, as well as items which might generally contribute to the technological enhancement of Russia's defence sector," it said.
"Seventeen of these entities are located in third countries other than Russia," it said.
Out of these 17 entities, 12 are in China, including Hong Kong, three in India and two in Thailand, the EU said.
The statement on the 19th package of sanctions identified the three Indian firms as Aerotrust Aviation Private Limited, Ascend Aviation India Private Limited and Shree Enterprises.
With inputs from PTI, ANI
