UK Cracks Down On Russia, Sanctions Global Oil Firms, Hits Indian Refiner As Well | World News

London: Britain imposed new sanctions on companies involved in Russia’s oil trade. India’s private refinery Naira Energy Limited is also on the list. The British government said the move was aimed at limiting President Vladimir Putin’s financial resources during the ongoing war with Ukraine.

Naira Energy operates more than 6,500 fuel stations across India and has a 7-8% share of the domestic retail fuel market. The Foreign, Commonwealth and Development Office (FCDO) said the sanctions targeted the basis of Putin’s war financing. “Today’s action demonstrates the government’s full determination to cut off Putin’s revenue streams, including Russian companies and their global backers,” the FCDO said.

The sanctions list includes four oil terminals in China, 44 Russian crude oil carriers and India’s Naira Energy. Britain claims the Indian refiner imported 100 million barrels of Russian oil worth more than $5 billion in 2024.

Sanctions were also imposed on companies in Thailand, Singapore, Türkiye and China. The United Kingdom accuses them of supplying electronic components used in Russia’s military supply chain, including drones and missiles fired in Ukraine.

Impact on Russian Giants

The sanctions directly affect Russian oil giants Rosneft and Lukoil. Rosneft controls almost half of Russia’s oil production and 6% of global production, according to the UK government.

UK Secretary of State for Foreign and Commonwealth Affairs Yvette Cooper told Parliament: “Europe is turning up the pressure at this critical time. The UK and our allies are acting on Putin’s oil, gas and shadow fleet. We will not give up until he abandons the war effort.”

The announcement coincided with Russian Energy Week, during which Russia seeks to expand energy exports to non-Western countries. The FCDO said the sanctions were aimed at weakening Moscow’s attempts to find new oil and gas markets. Restrictions also apply to imports from third countries of refined petroleum products derived from Russian crude oil.

Naira Energy Responds

Naira Energy, which operates India’s second largest private refinery in Vadinar, Gujarat, said the company is fully compliant with Indian laws and regulations. He criticized previous European Union sanctions as “unfair” and a violation of India’s sovereignty.