EU Sanctions Gujarat Refinery for Russia Links

• EU sanctions a Gujarat-based refinery owned by Nayara Energy Ltd. as part of a fresh sanctions package targeting Russia’s energy sector.

• The move comes as the U.S. Congress debates tightening sanctions on Russian crude oil purchasers.

• The sanctions include a lowering of the oil price cap from $60 per barrel to $47.6 per barrel.

• An EU-wide import ban on refined petroleum products made from Russian crude oil and a full transaction ban on Nord Stream 1 and 2 natural gas pipelines connecting Russia and Germany.

• Slovakia’s Prime Minister Robert Fico plans to stop blocking the sanctions package due to fears of a possible total EU ban on Russian gas by 2028.