EU targets Indian firms in latest Russia sanctions

The EU has imposed sanctions on three India-based companies over their alleged support for Russia’s conflict with Ukraine.

The Indian firms are among 45 entities that have been targeted by the bloc as part of its 19th package of sanctions that aim to step up economic pressure on Russia.

The Indian companies sanctioned by the EU on Thursday are Aerotrust Aviation Private Limited, Ascend Aviation India Private Limited, and Shree Enterprises.

Brussels’ latest move targets organizations allegedly helping Moscow evade export restrictions on CNC machine tools, microelectronics, unmanned aerial vehicles (UAVs), and other advanced technology products, according to an EU statement.

As part of the tightening measures, the entities will now face stricter export controls covering dual-use goods and equipment that could contribute to the technological strengthening of Russia’s defense sector. 

In the 18th package of sanctions targeting Moscow, the EU targeted India’s second-largest private refinery – Nayara Energy’s Vadinar facility in Gujarat. Nayara is partly-owned by Russian oil major Rosneft. 

READ MORE: Russian oil red lines: The EU and US are about to push India too far

While Russia has emerged as India’s key oil supplier since the escalation of the Ukraine conflict in February 2022 – accounting for nearly 36% of India’s crude imports – New Delhi, in parallel, has become a major exporter of refined fuels to Europe since 2023. The EU is a significant buyer of Russian crude processed at the Vadinar refinery. 

In response to the 18th sanctions package, New Delhi said it “does not subscribe to any unilateral sanction measures” and is a “responsible actor” in the global energy sector. 

India’s Foreign Ministry has repeatedly said it considers energy security to be of paramount importance and key to meeting the basic needs of citizens.

In January, a number of Indian companies were targeted by a raft of new sanctions announced by the US, UK, and EU.