Overview

• The EU’s 18th sanctions package took effect July 18, cutting the Russian oil price cap to $47.6–48 per barrel and introducing a dynamic mechanism to align the cap with market averages.
• From September 3, imports of refined petroleum products made from Russian crude in third countries will be banned, with exemptions only for the US, UK, Canada, Norway and Switzerland.
• The Vadinar refinery in Gujarat, in which Rosneft holds a 49% stake, is now excluded from EU shipping, insurance and financial services—the first overseas plant to face such curbs.
• India’s Ministry of External Affairs has protested the unilateral sanctions as inconsistent with global trade norms and warned they threaten its energy security obligations.
• The Global Trade Research Initiative estimates that up to $5 billion of India’s $15 billion in annual fuel exports to the EU could be jeopardized by the new refined-product ban.