Moscow’s crude oil shipments dropped sharply in November as U.S. sanctions on Russian energy giants Rosneft and Lukoil took effect. According to data from Kpler, the restrictions have significantly disrupted Russia’s global export flows. This video explains how the sanctions work, the impact on global markets, and what to expect next.


US Sanctions Choke Russian Global Oil Supply, Rouble Faces New Pressure

The UK government on October 16 (Thursday) announced a package of 90 new sanctions aimed at cutting off revenue streams from Russia's oil, which is being used to fund the war in Ukraine. Among the sanctioned entities, there is Nayara Energy, which is operating the Vadinar Refinery in Gujarat, India. India, on Thursday, rejected the sanctions and called out the double standards on energy trade. The UK is specifically targeting the Russian oil companies like Rosneft and Lukoil.&nbsp;"We do not subscribe to any unilateral sanctions. The Government of India considers the provision of energy security a responsibility of paramount importance to meet the basic needs of its citizens," said Randhir Jaiswal, spokesperson for the Ministry of External Affairs.<h2>How is Nayara Energy linked to British Petroleum?</h2>There is a dormant connection between Mumbai-based Nayara Energy and the UK oil giant British Petroleum. Which in hindsight might imply that the UK have managed to do something that no one has done before. Rosneft, the Russian government-backed oil company, owns approximately 49.13 per cent stakes in Nayara Energy. So, sanctioning Nayara is indirectly hurting the revenue of Rosneft. However, contrary to the popular notion, British Petroleum still has around 19.75 per cent stake in Rosneft. It tried to exit the Russian government-backed oil company Rosneft in February 2022, in retaliation for the Russian invasion of Ukraine. However, it failed to sell off the stakes, and it remains frozen. The Russian government still holds the shares due to international sanctions and Russian law, which made divestment impossible.On October 27, 2022, Rosneft CEO Igor Sechin at the Eurasian Economic Forum said, &nbsp;"Despite all the rhetoric, BP remains, I would say, a 'shadow' shareholder; does not participate in the operations of the company's management bodies; and retains all its rights and corresponding dividends package. Taking this opportunity, I would like to convey to our friends from BP that the dividends to which they are entitled for the second half of 2021, totalling $700 million, have been transferred to the accounts opened for them."&nbsp;<h2>So did the UK sanction itself?</h2>Legally and economically, no, it didn't; symbolically and politically, yes; that's the irony in international relations. The UK sanctioned Nayara Energy, where Rosneft owns a share, which is, in turn, part-owned by British Petroleum on paper. BP can not touch its shares, and the UK just sanctioned Nayara Energy. But Reddit had been buzzing about ‘UK sanctioning itself’. Which is partly true because if the Russia-Ukraine war ends, depending on the deal between the Western nations and Russia, BP could pocket a huge profit for its share or continue its partnership with Rosneft.&nbsp;

The UK just sanctioned Nayra Energy, which is part-owned by the Russian state-backed oil company Rosneft, and is part-owned by the UK-based British Petroleum. 

The UK government on October 16 (Thursday) announced a package of 90 new sanctions aimed at cutting off revenue streams from Russia's oil, which is being used to fund the war in Ukraine. Among the sanctioned entities, there is Nayara Energy, which is operating the Vadinar Refinery in Gujarat, India. India, on Thursday, rejected the sanctions and called out the double standards on energy trade. The UK is specifically targeting the Russian oil companies like Rosneft and Lukoil. "We do not subscribe to any unilateral sanctions. The Government of India considers the provision of energy security a responsibility of paramount importance to meet the basic needs of its citizens," said Randhir Jaiswal, spokesperson for the Ministry of External Affairs. How is Nayara Energy linked to British Petroleum? There is a dormant connection between Mumbai-based Nayara Energy and the UK oil giant British Petroleum. Which in hindsight might imply that the UK have managed to do something that no one has done before. Rosneft, the Russian government-backed oil company, owns approximately 49.13 per cent stakes in Nayara Energy. So, sanctioning Nayara is indirectly hurting the revenue of Rosneft. However, contrary to the popular notion, British Petroleum still has around 19.75 per cent stake in Rosneft. It tried to exit the Russian government-backed oil company Rosneft in February 2022, in retaliation for the Russian invasion of Ukraine. However, it failed to sell off the stakes, and it remains frozen. The Russian government still holds the shares due to international sanctions and Russian law, which made divestment impossible. On October 27, 2022, Rosneft CEO Igor Sechin at the Eurasian Economic Forum said, "Despite all the rhetoric, BP remains, I would say, a 'shadow' shareholder; does not participate in the operations of the company's management bodies; and retains all its rights and corresponding dividends package. Taking this opportunity, I would like to convey to our friends from BP that the dividends to which they are entitled for the second half of 2021, totalling $700 million, have been transferred to the accounts opened for them." So did the UK sanction itself? Legally and economically, no, it didn't; symbolically and politically, yes; that's the irony in international relations. The UK sanctioned Nayara Energy, where Rosneft owns a share, which is, in turn, part-owned by British Petroleum on paper. BP can not touch its shares, and the UK just sanctioned Nayara Energy. But Reddit had been buzzing about ‘UK sanctioning itself’. Which is partly true because if the Russia-Ukraine war ends, depending on the deal between the Western nations and Russia, BP could pocket a huge profit for its share or continue its partnership with Rosneft.

The UK just sanctioned Nayra Energy, which is part-owned by the Russian state-backed oil company Rosneft, and Rosneft is part-owned by the UK-based British Petroleum.&nbsp;

Did the UK just sanction itself? BP’s hidden link to Nayara Energy

A Ukrainian intelligence source on Wednesday (Apr 24) said that drones sent by Ukraine's SBU security service struck two Rosneft-owned oil depots in Russia's Smolensk region in an overnight attack.&nbsp;

The news agency Reuters reported citing a source that the depots contained 26,000 cubic metres of fuel and that the attack caused major fires and evacuation of personnel.&nbsp;

"The SBU continues to effectively destroy military infrastructure and logistics that provide fuel to the Russian army in Ukraine. These facilities are and will remain our absolutely legitimate targets," the source said.&nbsp;

The news agency said that the emergency services worked on sites and some residents were evacuated from parts of Lipetsk in Russia's southwest. Russian regional officials said earlier that fires had broken out at the facilities in the aftermath of the drone attack.&nbsp;

Vasily Anokhin, who is the governor of the Smolensk region, said in a statement on the Telegram messaging app that there were no casualties reported in the attack. &nbsp; 
 
Disclaimer: A number of claims and counterclaims are being made on Ukraine-Russia war on the ground and online. While WION takes utmost care to accurately and responsibly report ongoing developments, we cannot independently verify the authenticity of all statements, photos and videos

(With inputs from agencies)

A Ukrainian intelligence source on Wednesday (Apr 24) said that drones sent by Ukraine's SBU security service struck two Rosneft-owned oil depots in Russia's Smolensk region in an overnight attack.

A Ukrainian intelligence source on Wednesday (Apr 24) said that drones sent by Ukraine's SBU security service struck two Rosneft-owned oil depots in Russia's Smolensk region in an overnight attack. The news agency Reuters reported citing a source that the depots contained 26,000 cubic metres of fuel and that the attack caused major fires and evacuation of personnel. "The SBU continues to effectively destroy military infrastructure and logistics that provide fuel to the Russian army in Ukraine. These facilities are and will remain our absolutely legitimate targets," the source said. The news agency said that the emergency services worked on sites and some residents were evacuated from parts of Lipetsk in Russia's southwest. Russian regional officials said earlier that fires had broken out at the facilities in the aftermath of the drone attack. Vasily Anokhin, who is the governor of the Smolensk region, said in a statement on the Telegram messaging app that there were no casualties reported in the attack. Disclaimer: A number of claims and counterclaims are being made on Ukraine-Russia war on the ground and online. While WION takes utmost care to accurately and responsibly report ongoing developments, we cannot independently verify the authenticity of all statements, photos and videos (With inputs from agencies)

Ukraine claims to have attacked two Russian oil depots

G K Satish, who served as Indian Oil’s planning and business development chief between 2016 and 2021, has been appointed to the Rosneft board along with 10 other members.

First Indian in Rosneft's board

After reports claimed a Russian billionaire's luxury yacht was seized by German authorities, reports said French officials have immobilized a yacht owned by a company linked to Russia's Rosneft Chief Executive Officer Igor Sechin amid sanctions imposed by the European Union against Russians.

The yacht was reportedly seized by French customs officials near Marseille.

<a href="https://www.wionews.com/photos/how-russias-sarmat-intercontinental-ballistic-missile-can-change-battlefield-dynamic-458549">Also Read in Pics:&nbsp;How Russia's Sarmat ICBM&nbsp;can change battlefield dynamic</a>

French finance minister Bruno Le Marie was quick&nbsp;to thank French customs officials after it was prevented from leaving the Mediterranean port. Earlier reports said German authorities had seized a super luxury yacht owned by Russian billionaire Alisher Usmanov.

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French customs seize yacht of Igor Sechin, Rosneft boss, former KGB agent and Russian deputy prime minister, the closest fo close Putin cronies <a href="https://t.co/XQgx6sG05W">pic.twitter.com/XQgx6sG05W</a>
— Pierre Briançon (@pierrebri) <a href="https://twitter.com/pierrebri/status/1499338053206294529?ref_src=twsrc%5Etfw">March 3, 2022</a></blockquote>
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Disclaimer: WION cannot independently verify the authenticity of photos and videos shared on social media.

The yacht was reportedly taken to Hamburg after it had undergone refitting at a different location. The European Union imposed sanctions on Russian tycoons and prominent people after&nbsp;Russia's invasion against Ukraine.

Watch:&nbsp;‘Go home’: Ukrainians yell at armed Russian soldiers invasion

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/go-home-president-zelensky-to-russia-ukrainians-yell-at-armed-russian-soldiers-invasion-458550/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The French government had said earlier that it was drawing up a list of assets of ultra-rich Russians&nbsp;with some billionaires believed to be close to Putin's regime.

Rosneft chief Igor Sechin is also reportedly also close to Putin. In another related development, well known Russian billionaire Roman Abramovich who owned the Chelsea football team in England announced that he would be selling the Premier League club. Abramovich declared that the money from the deal would be sent to victims of the Ukraine war.

<a href="https://www.wionews.com/photos/ukraine-unleashes-turkeys-bayraktar-tb2-drones-on-russia-is-it-a-gamechanger-458271">Also Read in Pics:&nbsp;Ukraine unleashes Turkey's Bayraktar TB2 drones on Russia</a>

The United States and EU announced a slew of sanctions against Russia after President Putin declared on February 24 that his forces had begun conducting military operations in neighbouring Ukraine.

The US and EU sanctions have targeted Russia's financial and airline sector even as US President said targeting Russian oil was "not off the table".

(With inputs from Agencies)

After reports claimed a Russian billionaire's luxury yacht was seized by German authorities, reports said French officials have immobilized a yacht owned by a company linked to Russia's Rosneft Chief Executive Officer Igor Sechin amid sanctions imposed by the European Union against Russians.

After reports claimed a Russian billionaire's luxury yacht was seized by German authorities, reports said French officials have immobilized a yacht owned by a company linked to Russia's Rosneft Chief Executive Officer Igor Sechin amid sanctions imposed by the European Union against Russians. The yacht was reportedly seized by French customs officials near Marseille. Also Read in Pics: How Russia's Sarmat ICBM can change battlefield dynamic French finance minister Bruno Le Marie was quick to thank French customs officials after it was prevented from leaving the Mediterranean port. Earlier reports said German authorities had seized a super luxury yacht owned by Russian billionaire Alisher Usmanov. French customs seize yacht of Igor Sechin, Rosneft boss, former KGB agent and Russian deputy prime minister, the closest fo close Putin cronies pic.twitter.com/XQgx6sG05W — Pierre Briançon (@pierrebri) March 3, 2022 × Disclaimer: WION cannot independently verify the authenticity of photos and videos shared on social media. The yacht was reportedly taken to Hamburg after it had undergone refitting at a different location. The European Union imposed sanctions on Russian tycoons and prominent people after Russia's invasion against Ukraine. Watch: ‘Go home’: Ukrainians yell at armed Russian soldiers invasion The French government had said earlier that it was drawing up a list of assets of ultra-rich Russians with some billionaires believed to be close to Putin's regime. Rosneft chief Igor Sechin is also reportedly also close to Putin. In another related development, well known Russian billionaire Roman Abramovich who owned the Chelsea football team in England announced that he would be selling the Premier League club. Abramovich declared that the money from the deal would be sent to victims of the Ukraine war. Also Read in Pics: Ukraine unleashes Turkey's Bayraktar TB2 drones on Russia The United States and EU announced a slew of sanctions against Russia after President Putin declared on February 24 that his forces had begun conducting military operations in neighbouring Ukraine. The US and EU sanctions have targeted Russia's financial and airline sector even as US President said targeting Russian oil was "not off the table". (With inputs from Agencies)

Now, France targets superyacht linked to Russia's Rosneft chief

Russian oil giant Rosneft on Wednesday announced a deal to supply up to two million tonnes of oil to India this year, adding that Delhi planned to invest in its Arctic projects.

Rosneft has signed a contract with Indian Oil Corporation to supply the oil via Russia's southern port Novorossiysk, it said in a statement.

The Russian state-owned oil company's chief Igor Sechin was in India Wednesday for talks with Oil Minister Dharmendra Pradhan to discuss increasing Russian oil supplies to India, it said.

Also read:&nbsp;<a href="https://www.wionews.com/business-economy/oil-rises-more-than-1-ahead-of-opec-meeting-to-discuss-supply-cuts-284412">Oil rises more than 1% ahead of OPEC meeting to discuss supply cuts</a>

They also discussed Russia's offshore and liquified natural gas (LNG) projects, including Vostok Oil in Arctic Siberia, in which the Indian firm had already agreed to participate, Rosneft said.

India and Russia will negotiate terms of India's involvement in Vostok Oil "in the shortest time possible," it added.

Rosneft's Vostok Oil operation in the north of the Krasnoyarsk region is a projected "oil cluster of global importance," according to the company. It received a license to develop the West Irkinsky oil and gas site last year.

Watch:&nbsp;

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Rosneft sees Vostok Oil as a way to increase cargo traffic on the Northern Sea route to 80 million tonnes by 2024 as ordered by President Vladimir Putin.

Since 2017, Rosneft owns 49 per cent of the Indian group Nayara, which operates the country's second-largest refinery in Vadinar.

Russian oil giant Rosneft on Wednesday announced a deal to supply up to two million tonnes of oil to India this year, adding that Delhi planned to invest in its Arctic projects.

Russian oil giant Rosneft on Wednesday announced a deal to supply up to two million tonnes of oil to India this year, adding that Delhi planned to invest in its Arctic projects. Rosneft has signed a contract with Indian Oil Corporation to supply the oil via Russia's southern port Novorossiysk, it said in a statement. The Russian state-owned oil company's chief Igor Sechin was in India Wednesday for talks with Oil Minister Dharmendra Pradhan to discuss increasing Russian oil supplies to India, it said. Also read: Oil rises more than 1% ahead of OPEC meeting to discuss supply cuts They also discussed Russia's offshore and liquified natural gas (LNG) projects, including Vostok Oil in Arctic Siberia, in which the Indian firm had already agreed to participate, Rosneft said. India and Russia will negotiate terms of India's involvement in Vostok Oil "in the shortest time possible," it added. Rosneft's Vostok Oil operation in the north of the Krasnoyarsk region is a projected "oil cluster of global importance," according to the company. It received a license to develop the West Irkinsky oil and gas site last year. Watch: × Rosneft sees Vostok Oil as a way to increase cargo traffic on the Northern Sea route to 80 million tonnes by 2024 as ordered by President Vladimir Putin. Since 2017, Rosneft owns 49 per cent of the Indian group Nayara, which operates the country's second-largest refinery in Vadinar.

Russia boosts oil supply to India

Indian Oil Corp, the country's top refiner, is in talks with oil major Rosneft to explore the possibility of importing Russian oil, its chairman Sanjiv Singh said on Tuesday.

"We have taken very small quantities from Russia in the past which cant be considered significant so we are trying to explore if we can increase the Russian crude volume coming to India...We are in discussion with Rosneft and we are hopeful that something should work," Singh told reporters at an energy conference.

Oil minister Dharmendra Pradhan said late on Monday that India is open to importing oil from Russia.

India, the world's third-biggest oil importer and consumer, ships in about 60 per cent&nbsp;of its overall crude needs from the middle eastern countries. The nation is gradually tapping new sources to hedge itself against geopolitical risks.

Indian Oil Corp, the country's top refiner, is in talks with oil major Rosneft to explore the possibility of importing Russian oil, its chairman Sanjiv Singh said on Tuesday.

Indian Oil Corp, the country's top refiner, is in talks with oil major Rosneft to explore the possibility of importing Russian oil, its chairman Sanjiv Singh said on Tuesday. "We have taken very small quantities from Russia in the past which cant be considered significant so we are trying to explore if we can increase the Russian crude volume coming to India...We are in discussion with Rosneft and we are hopeful that something should work," Singh told reporters at an energy conference. Oil minister Dharmendra Pradhan said late on Monday that India is open to importing oil from Russia. India, the world's third-biggest oil importer and consumer, ships in about 60 per cent of its overall crude needs from the middle eastern countries. The nation is gradually tapping new sources to hedge itself against geopolitical risks.

Indian Oil in talks with Rosneft to import Russian oil

Russia&#39;s Investigative Committee said on Tuesday that it had detained economy minister Alexei Ulyukayev on suspicion of taking a two-million-dollar bribe over a massive deal involving state-controlled oil giant Rosneft.

The Investigative Committee said in a statement on Tuesday that the detention was carried out as a result of an operation by the FSB security service, the successor to the KGB.

It claimed the minister received the money on Monday for giving the go-ahead for Rosneft to acquire a majority stake from the state in Russian oil company Bashneft in a $5.2 billion deal last month.

The Investigative Committee said in a statement that Ulyukayev had been detained as part of a probe into large-scale bribe taking, for which he could face a jail term of between 8 and 15 years.

It said that it will charge him shortly.

Spokeswoman Svetlana Petrenko told RIA Novosti news agency: &quot;This is about extortion of a bribe from Rosneft representatives accompanied by threats.&quot;

&quot;Ulyukayev was caught red-handed as he received a bribe,&quot; she said.&nbsp;

Ulyukayev has served as head of the ministry of economic development since 2013.

A spokesman for Rosneft told TASS state news agency the company would not comment on the Investigative Committee&#39;s actions but that it acquired the Bashneft stake &quot;in accordance with Russian law on the basis of the best commercial offer made to the operating bank&quot;.

Kremlin spokesman Dmitry Peskov told Interfax news agency: &quot;This is a very serious accusation that requires very serious proof. In any case, only a court can decide.&quot;

Asked if President Vladimir Putin knew of the detention, he said: &quot;It&#39;s night time, I don&#39;t know if the president has been informed.&quot;

First deputy central bank chief Sergei Shvetsov told RIA Novosti state news agency that Ulyukayev &quot;was the last person you would suspect of something like this. What is written in the media looks absurd. Nothing is clear now.

(AFP)

Russia's Investigative Committee claimed he received $2 million for giving Rosneft the go-ahead to acquire a majority stake from Bashneft

Russia's Investigative Committee said on Tuesday that it had detained economy minister Alexei Ulyukayev on suspicion of taking a two-million-dollar bribe over a massive deal involving state-controlled oil giant Rosneft. The Investigative Committee said in a statement on Tuesday that the detention was carried out as a result of an operation by the FSB security service, the successor to the KGB. It claimed the minister received the money on Monday for giving the go-ahead for Rosneft to acquire a majority stake from the state in Russian oil company Bashneft in a $5.2 billion deal last month. The Investigative Committee said in a statement that Ulyukayev had been detained as part of a probe into large-scale bribe taking, for which he could face a jail term of between 8 and 15 years. It said that it will charge him shortly. Spokeswoman Svetlana Petrenko told RIA Novosti news agency: "This is about extortion of a bribe from Rosneft representatives accompanied by threats." "Ulyukayev was caught red-handed as he received a bribe," she said. Ulyukayev has served as head of the ministry of economic development since 2013. A spokesman for Rosneft told TASS state news agency the company would not comment on the Investigative Committee's actions but that it acquired the Bashneft stake "in accordance with Russian law on the basis of the best commercial offer made to the operating bank". Kremlin spokesman Dmitry Peskov told Interfax news agency: "This is a very serious accusation that requires very serious proof. In any case, only a court can decide." Asked if President Vladimir Putin knew of the detention, he said: "It's night time, I don't know if the president has been informed." First deputy central bank chief Sergei Shvetsov told RIA Novosti state news agency that Ulyukayev "was the last person you would suspect of something like this. What is written in the media looks absurd. Nothing is clear now. (AFP)

Russian economy minister Ulyukayev detained on suspicion of bribery

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