UK sanctions Nayara Energy, 89 others to curb Russia’s oil trade - BOL News
Key Takeaways
- The UK imposed sanctions on 90 entities, including India's Nayara Energy Ltd., due to their links with Russian oil producers Lukoil and Rosneft.
- The sanctions package includes asset freezes, director disqualifications, and transport restrictions targeting Russian oil supply chains.
- The timing of the sanctions is sensitive, occurring shortly after a high-profile UK-India trade mission and the signing of an FTA.
- Nayara Energy has reportedly increased its imports of Russian crude oil, importing over $5 billion worth in 2024, contrasting with overall reductions by other Indian refiners.
- The UK stated the move is intended to ramp up pressure on third-country companies and close loopholes in sanctions enforcement against Russian oil.
The United Kingdom has implemented new sanctions targeting 90 entities, including India’s Nayara Energy Ltd., which operates the Vadinar refinery and has significant ownership ties to sanctioned Russian oil producers Lukoil and Rosneft. The sanctions package, announced by the FCDO, includes asset freezes, director disqualifications, and transport restrictions, mirroring earlier actions by the European Union against the refinery. The timing is notable as it comes shortly after a major UK-India trade mission and the signing of a Free Trade Agreement, potentially straining diplomatic relations. UK Chancellor Rachel Reeves stated the goal is to increase pressure on third-country companies facilitating Russian oil trade, emphasizing that "Russian oil is off the market." This action is underscored by data showing Nayara significantly increased its imports of Russian crude in 2024 and 2025, highlighting the West's effort to close sanctions loopholes.
