Overview

• Brussels’s 18th sanctions package has for the first time designated Nayara Energy over its ties to Russian crude imports
• Industry sources report charter cancellations and tender revisions at Vadinar with buyers demanding advance payment or letters of credit
• Nayara Energy has reaffirmed its Rs 70,000 crore downstream investment plan while actively pursuing legal avenues against the EU measures
• Indian officials including Foreign Secretary Vikram Misri have rejected unilateral sanctions and called for respect for energy sovereignty and against double standards
• US Senator Lindsey Graham has warned that the Trump administration may impose punitive tariffs on BRICS nations continuing to import Russian oil