The European Union (EU) Friday announced a ban on import of fuels made from Russian crude and coming from third countries with the exception of Canada, Norway, Switzerland, the United Kingdom and the United States. The move could severely hit India’s fuel exports to Europe, given the significant share of Russian crude in India’s oil import basket. The EU is also sanctioning Indian crude oil refiner Nayara Energy, in which Russian oil giant Rosneft holds 49.13 per cent stake, as part of its tranche of actions in the latest bid to force the…
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