Russia, European Union and Sanctions
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SINGAPORE (Reuters) -Oil prices barely budged on Monday as traders eyed the impact of new European sanctions on Russian oil supply, rising output from Middle East producers and concerns about fuel outlook as tariffs weighed on global economic growth.
India's oil trade with the European Union is under scrutiny as the EU deliberates on new restrictions targeting refined petroleum imports.
Rosneft accused the EU of overreach, claiming the sanctions violate international law and infringe on the sovereignty of third countries like India.
Rosneft, Russia's biggest oil producer, on Sunday slammed European Union sanctions on India's Nayara Energy refinery as unjustified and illegal, saying the restrictions directly threatened India's energy security.
Sanctions from the European Union and United States have devastated Russia’s coal sector, causing billions in losses, collapsing exports, shuttering mines, and threatening economic stability.