The European Union (EU), a coalition of European nations, has imposed sanctions on Vadinar Oil Refinery, India’s second-largest oil refinery, due to the Russia-Ukraine war. EU Foreign Policy Chief Kaja Kallas confirmed this development.
In a post on the social media platform X on Friday, Kaja Kallas stated, “We aim to strike at the heart of the Kremlin’s war budget. This is why these measures have been taken. Our stance (on the Russia-Ukraine issue) remains firm.”
Located in Vadinar, Gujarat, in western India, the Vadinar Oil Refinery was established in 1996 as a joint venture between India’s Nayara Energy Limited and Russia’s state-owned Rosneft, with Rosneft holding a 49.13% stake in the refinery.
Alongside the Vadinar Oil Refinery, the EU has also imposed sanctions on the “flag registry” associated with Russia-India oil trade. As a result of these sanctions, Indian-flagged vessels will no longer be permitted to transport Russian oil.
Following the onset of the Russia-Ukraine war in late February 2022, the United States and the EU imposed punitive measures, including sanctions on Russian oil, as they were among the largest buyers of Russian oil at the time.
However, India, another significant buyer of Russian oil, did not impose sanctions and instead increased its oil imports from Russia. Currently, China is the largest buyer of Russian oil, followed by India.
Notably, this is the first time the EU has imposed sanctions on an Indian entity in connection with the Russia-Ukraine war.
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