No disruption to global oil supply due to sanctions on Russia: EU envoy

 

The European Union’s recent sanctions on Russian oil, energy, banking and defence industries are aimed at degrading Moscow’s war economy while preserving global oil market stability, said Ambassador of the Delegation of the European Union to India Mr Herve Delphin. Mr Delphin, in a post on X, outlined the EU’s sanctions policy against Russia, which also targeted a refinery in India, emphasising that it does not prevent countries from purchasing Russian oil, thus avoiding disruptions to global supply. As per the EU envoy, the 18th sanctions package reduces the price cap on Russian oil from USD 60 to USD 47.6 per barrel and seeks to further curb revenues fuelling Russia’s military efforts in Ukraine. The clarification on the sanctions followed India’s response to the decision, in which New Delhi stated that it does not subscribe to any unilateral sanctions measures, as per a report.

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