No Double Requirements On Vitality Commerce: India On Newest EU Sanctions Bundle In opposition to Russia

NEW DELHI: Hours after the European Union (EU) agreed upon an 18th spherical of sanctions on Russia over its invasion of Ukraine, India on Friday stated that it doesn’t subscribe to any unilateral sanction measures and that there needs to be no “double requirements”, particularly on the subject of power commerce. “We’ve got famous the most recent sanctions introduced by the European Union. India doesn’t subscribe to any unilateral sanction measures. We’re a accountable actor and stay totally dedicated to our authorized obligations,” Ministry of Exterior Affairs (MEA) spokesperson Randhir Jaiswal stated in response to media queries concerning the problem.

“Authorities of India considers the supply of power safety a accountability of paramount significance to fulfill the essential wants of its residents. We might stress that there needs to be no double requirements, particularly on the subject of power commerce,” he added.

In keeping with the EU, the 18th Russia sanctions bundle focuses on 5 constructing blocks: chopping Russia’s power revenues, hitting Russia’s banking sector, additional weakening its military-industrial complicated, strengthening anti-circumvention measures, and holding Russia accountable for its crimes towards Ukrainian kids and cultural heritage.

“With this bundle, the variety of listed vessels in Russia’s shadow fleet reaches a complete of 444 vessels, and the variety of particular person listings exceeds 2,500. This bundle additionally consists of new sanctions towards Belarus,” learn the EU assertion.

On Thursday, Union Minister of Petroleum and Pure Gasoline Hardeep Singh Puri stated that India has diversified its sources for getting oil within the international market, resulting from which the federal government isn’t “unduly nervous” over any US crackdown on Russia’s oil exports.

Talking on the Urja Varta 2025, the minister stated India at the moment buys oil from 40 nations, as in comparison with 27 international locations in 2007, and the worldwide market is well-supplied.

“There may be numerous oil out there available in the market. Iran and Venezuela are at the moment below sanctions. However are they going to be below sanctions ceaselessly? Many international locations, together with Brazil, Canada and others, are ramping up output. I’m not unduly nervous about provides as of now. We’ve got diversified our sources,” Puri stated.

The minister’s assertion got here towards the backdrop of US President Donald Trump asserting that secondary sanctions can be imposed on international locations shopping for Russian oil.

On July 15, Trump had threatened to impose severe commerce restrictions on Russia until a peace cope with Ukraine is reached inside 50 days. Trump stated US tariffs on Russian exports can be elevated to 100 per cent, whereas additionally threatening to impose secondary sanctions on international locations akin to India and China that purchase oil from Russia.

In the meantime, Moscow on Friday described the transfer as illegal and emphasised that it’s going to assess the most recent bundle with a purpose to minimise its impression.

“Up to now, we proceed to look at a reasonably constant anti-Russian stance from Europe. We’ve got repeatedly said that we view such unilateral restrictions as unlawful and we oppose them,” Russian state-run information company TASS quoted Kremlin spokesperson Dmitry Peskov as saying.

Peskov additional emphasised that the Russian management will assess the most recent bundle of European sanctions with a purpose to minimise its impression. “Undoubtedly, the brand new bundle will have to be totally analysed with a purpose to minimise its impression,” stated Peskov.

He additional asserted that Russia has developed a level of immunity to sanctions over the course of repeated waves of Western restrictions. “Over time, we’ve certainly developed a sure immunity to sanctions and have tailored to residing below such situations,” he famous.