Saudi Arabia, Iraq Stop Oil Shipments to Nayara After Sanctions
Saudi Arabia and Iraq have halted oil shipments to Nayara Energy Ltd.'s refinery in western India following the European Union's imposition of sanctions on the company. Nayara Energy, which is partly owned by Russian oil giant Rosneft, was among the entities targeted by the EU sanctions in response to Russia's invasion of Ukraine. The decision by Saudi Arabia and Iraq to stop oil supplies to the refinery is likely a result of the sanctions, as countries attempt to comply with the international measures against Russia. This move will have significant implications for Nayara Energy's operations and the Indian oil market, as the refinery relies on imports to meet its crude oil needs. The suspension of oil shipments underscores the far-reaching consequences of the sanctions, which continue to shape global trade and energy dynamics in the wake of the ongoing conflict.
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