EU Sanctions Russia-backed Gujarat refinery, India Criticises the Action
On Friday, July 18, 2025, the European Union (EU) announced fresh sanctions. These sanctions include the Gujarat refinery owned by Nayara Energy Ltd. This is an action targeting Russia’s energy sector. This comes at a time when the US is also debating further sanctions on purchasers of Russian crude oil. India, China and Brazil could face penalties in such a situation. Oil Price Cap Tightens The new EU sanctions also include a lowering of the oil price cap. This specifies the highest price countries can pay for Russian oil. This is while using shipping and insurance from the advanced economies…
