EU’s sanctions on Russia oil have hit an Indian branch of a UAE-based firm. Intershipping Services Hub Private Ltd, an Indian subsidiary of a UAE-based company, has been hit with sanctions from the European Union.
The EU has also imposed sanctions on Captain Abhinav Kamal, who commands the crude oil tanker Argent, according to an ET report.
The European Union has levelled allegations against Kamal for giving material, technical and monetary assistance to operations involving vessels that transport crude oil or petroleum products connected to Russia.
According to industry observers, Kamal is the only Indian national to face EU sanctions related to the Russia-Ukraine conflict. The firm faces accusations of sheltering vessels involved in Russian trade operations.
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The scope of these sanctions is limited to EU territories, citizens, and organisations. India on its part continues to reject unilateral sanctions imposed by other nations.
"This means the assets that Intershipping Services LLC holds in Europe will be frozen and European citizens and companies cannot make money available to it, hence cannot do business," an EU official told ET.
Non-EU entities can still engage in business with Intershipping Services Hub as they remain unaffected by the sanctions, individuals familiar with the matter told the financial daily.
However, Kamal may face significant challenges because of the extensive connections between the global maritime sector and the European Union, they indicated. The restrictions prevent Kamal from accessing or offering services to vessels with EU associations.
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Meanwhile, the European Union's recent sanctions against Russian oil have started affecting operations at an Indian refinery. Following the EU's targeted sanctions, both oil firms and shipping companies are now avoiding business dealings with Nayara Energy Ltd.
Industry sources told Bloomberg that shipping operators have shown reluctance to work with Nayara, both for product exports and crude oil imports. The Indian refinery has a significant Russian ownership, with Rosneft PJSC holding a 49.13% ownership stake.
Bloomberg's vessel tracking data showed that a ship named Talara abandoned its planned stop and left Vadinar port last Sunday. Industry sources indicate the vessel was meant to collect a diesel cargo from Nayara. The collection was subsequently cancelled after last week’s sanctions were announced, leaving the shipment stranded at the port.
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