Things are going to change for Nayara Energy, a large Indian refiner, in which Russia’s Rosneft has a sizable stake. Nayara Energy was named specifically among entities to be sanctioned by the EU. The Indian company condemned the sanctions as “unjust and unilateral”, echoing New Delhi’s official response to the sanction package, which said the Indian government did not support that package.
ING commodity analysts said the 18th sanction package was unlikely to affect sentiment among oil traders given the ineffectiveness of previous packages. They also noted that the EU may agree to lower the price cap but without the U.S., the original $60 price cap cannot be changed.
Russia’s oil shipments via the Baltic Sea declined 10% over the final four months of 2024 due to the impact of EU sanctions against Russian oil and gas exports, the Finnish Border Guard has reported. Finland’s Coast Guard monitors the shadow fleet that Russia uses to export crude via the Gulf of Finland.