#ANINews Trump sanctions Russian oil, hits Rosneft & Lukoil, what does it means for India? | Ukraine War

Trump sanctions Russian oil, hits Rosneft & Lukoil, what does it means for India? | Ukraine War
Donald Trump hits Russia’s biggest oil companies with sanction in his sharp policy shift towards Moscow. Washington’s bold move amid Ukraine crisis poses threat to price stability in international oil market. US’ strike on Russian oil industry already caused price rise by 5 percent in the global market, reported Reuters. Trump’s move also to rise tensions in India and China, the two major consumers of Russian oil. India can reconsider its purchase of Russian crude oil to avoid exclusion from the Western banking system. Constituting around half of Russia’s total oil production, Rosneft and Lukoil are affected by Trump’s hit. Headed by Igor Sechin, ally of President Vladimir Putin, accounts for around 3.3 percent of global oil output. Mukesh Ambani’s Reliance signed a giant 10-year deal with Rosneft to supply nearly 500,000 bpd of crude. Rosneft also owns 49% stake in another major Indian refiner, Nayara, whose Vadinar refinery relies exclusively on Russian oil. EU & British sanctions caused Nayara to reduce its operating rates, though it is unlikely to fully cease importing Russian crude. Headquartered in Moscow, Lukoil is the 2nd-largest Russian oil producer, accounts for around 2% of global oil output. Lukoil is developing oil facilities at Iraq’s West Qurna 2 oilfield, one of the world’s largest, and has 75% stake in the field. Interfax news agency reported in April that production at the field stood at more than 480,000 bpd. US said it was prepared to take further action as it called on Moscow to agree immediately to a ceasefire in Ukraine. Russian Foreign Ministry’s Spokesperson condemned Trump’s action, called it ‘extremely counterproductive’.

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