In early 2023, the European Union and India aimed to advance a long-delayed free trade agreement, following a visit by European Commission President Ursula von der Leyen to New Delhi. However, the momentum waned in July with the EU's sanctions imposed on India regarding its refined Russian crude exports. Experts believe these sanctions will not derail negotiations, as the US's threat of higher tariffs poses a more significant risk to India. The sanctions against Nayara Energy, an Indian refinery, have been deemed largely symbolic by analysts.
The European Union's recent sanctions against India primarily target New Delhi's refining of discounted Russian crude and the subsequent export of those products to Europe. This ban reflects ongoing efforts to curtail funding for Russia's war in Ukraine.
Despite the EU's imposition of sanctions, experts suggest that they will not derail the EU-India free trade agreement, with the US imposing a greater challenge through potential tariffs on Indian goods.
Nayara Energy, an Indian refinery sanctioned by the EU, argued that the sanctions are hypocritical, highlighting that many European nations continue to import Russian energy through various channels.
The EU's sanctions on Nayara Energy are seen as a largely symbolic action that is unlikely to have significant impacts on the broader dynamics of EU-India trade relations.
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