London: The United Kingdom has imposed a fresh round of sanctions on companies involved in Russia’s oil trade. India’s private refiner, Naira Energy Limited, is also included on the list. The British government said the move aims to limit President Vladimir Putin’s financial resources amid the ongoing war with Ukraine.
Naira Energy operates more than 6,500 fuel stations across India, holding a 7-8% share of the domestic retail fuel market. The Foreign, Commonwealth and Development Office (FCDO) said the sanctions target the core of Putin’s war funding. “Today’s step shows the government’s full commitment to cutting off Putin’s revenue streams, including Russian companies and their global enablers,” the FCDO said.
The sanctions list includes four oil terminals in China, 44 Russian crude carriers and India’s Naira Energy. Britain asserts that the Indian refiner imported 100 million barrels of Russian oil in 2024, worth more than $5 billion.
Companies in Thailand, Singapore, Turkey and China have also been sanctioned. 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 majors Rosneft and Lukoil. According to the UK government, Rosneft controls almost half of Russia’s oil output and 6% of global production.
UK Secretary of State for Foreign and Commonwealth Affairs Yvette Cooper told Parliament, “Europe is increasing pressure at this crucial time. The United Kingdom and our allies are acting on Putin’s oil, gas and shadow fleet. We will not relent until he abandons his war efforts.”
The announcement coincided with Russia’s Energy Week, during which Russia is trying to expand energy exports to non-Western countries. The FCDO said the sanctions aim to weaken Moscow’s attempts to find new oil and gas markets. Restrictions also apply to imports of refined oil products derived from Russian crude in third countries.
Naira Energy Responds
Naira Energy, which operates India’s second-largest private refinery in Vadinar, Gujarat, said the company fully complies with Indian laws and regulations. It criticised previous European Union sanctions as “unjust” and an infringement of India’s sovereignty.