India condemned the "unilateral sanctions" by the European Union targeting a oil refinery in Gujarat and urged the EU to avoid "double standards" in energy trade.

cross-posted from: https://lemmy.zip/post/44344901

The Ministry of External Affairs (MEA) rejected the EU’s unilateral move, reaffirming that India does not recognise sanctions imposed outside the United Nations framework.

the sanctions target Nayara Energy’s 20-million-tonne-per-year refinery in Gujarat’s Vadinar, where Russian energy firm Rosneft holds a 49.13 per cent stake.

  • Hotznplotzn@lemmy.sdf.orgEnglish
    17·
    1 month ago

    Bilateral trade between India and Russia was hovering around USD 10 billion annually for a long time. Since Russia’s full-scale invasion of Ukraine on 4 February, 2022, however, the economic ties between the two countries strengthened dramatically: In 2022, bilateral trade surged to USD 49 billion, and in 2023 it reached USD 65 billion.

    The increase in trade is primarily attributed to the high discounts of Russian oil offered to Indian refiners, as India did not join the sanctions regime against Russia.

    In the meantime, India is Russia’s second-largest trade partner.

    So the so-called ‘double standards’ may appeal to certain groups supporting Russia’s war or are at least indifferent, but the sanctions are apparently justified and based on solid ground.

    Addition:

    According to meetings between India’s Prime Minister Narendra Modi and Russian President Vladimir Putin already in 2024, the two countries have reportedly been discussing to “diversify trade in various sectors” eyeing bilateral trade target of USD 100 billion by 2030. That’s 10 times the pre-war level.