By Admin 
Britain has taken a big decision by further tightening its economic measures against Russia. This time, not only Russia, but some oil companies of India and China have also come under target. The British government has imposed new economic sanctions to stop Russia’s funding of the ongoing war in Ukraine. The most disturbing thing about these sanctions is that it also includes the name of India’s big energy company Nyra Energy, which has been buying huge quantities of crude oil from Russia.
This decision has been taken at a time when the British Prime Minister has recently returned from a tour of India. A few days later, Britain announced these new restrictions. The government says that the purpose of these steps is to weaken Russia’s economic power and to stop its funding for the Ukraine war. British Chancellor Rachel Reeves said that Russia is now gradually exiting the global oil market and Britain will ensure that no country or company can support its oil trade. On the matter, British Chancellor Rachel Reeves said, “We will put pressure on all those companies which are helping Russia.” Whether they are in India or China. There is no place for Russian oil in global markets now.
Reason for ban on Nyara Energy
India’s Nyara Energy is a major private oil refinery company, which purchased oil from Russia at a record level last year. According to reports, in the year 2024, Nyara Energy imported 100 million barrels of Russian crude oil, which was worth about 5 billion dollars (about 41 thousand crore rupees). The British government expressed displeasure that some companies of India and China are strengthening its economy by buying oil from Russia. The government believes that this purchase gives Russia the economic capacity to continue fighting in the Ukraine war, therefore these sanctions imposed on Nyra Energy are part of Britain’s effort to tighten the noose on any economic partner of Russia.
Action against Russian oil companies and tankers also
Britain has imposed sanctions not only on the Indian company but also on two big Russian oil companies and its ‘shadow fleet’. Shadow fleets are ships that transport Russian oil to different countries while avoiding maritime surveillance. According to the government, the number of these ships is about 44 and they carry millions of barrels of oil to global markets every day. Britain says that blacklisting these tankers and companies will make it very difficult for Russia to do international oil trade. These sanctions will affect insurance, payments and port services, which will have a direct impact on Russia’s oil supplies.
Impact on global oil market
This move by Britain has created new uncertainty in the global oil market. If Russia’s supply is restricted, there may be a temporary rise in oil prices. At the same time, Russia can sell oil at a huge discount to retain its old customers, which may also reduce prices in some countries.
UK policy and international response
This step of Britain is being considered a part of a larger geopolitical strategy. The government’s aim is to show that now those doing energy trade with Russia will also have to take responsibility. However, this decision is also raising the possibility of some economic tension between Britain and India, because companies like Nyara Energy play an important role in meeting India’s energy needs. Nevertheless, the British government says that its priority is to weaken Russia’s economic strength and not to spoil relations with other countries.
India will buy American oil
A new chapter is going to open in the trade relations between India and America. Amidst the ongoing trade deal negotiations between the two countries, the Indian government has indicated that it is ready to increase the purchase of American oil and gas. This decision is not only important from the business point of view, but it can also give a new direction to the economic and political cooperation between the two countries.
India’s new policy in oil trade
India has long been trying to strike a balance in its policies regarding energy security. America has been a major energy partner for India. A few years ago, India was importing oil and gas worth about $25 billion from America, but in recent months this figure has come down to $12 to 13 billion.
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