New Delhi, July 30 -- Indian refiners are likely to be impacted by the European Union (EU) sanctions against Russia, as revealed in a recent report by ICRA.

The EU's 18th sanctions package, implemented on July 18 against Russia, includes an import ban on all refined products made from Russian crude oil originating from third countries, with exceptions for Canada, Norway, the US, the UK, and Switzerland.

ICRA believes that this move is expected to significantly impact Indian refiners, who exported approximately USD 14.3 billion worth of petroleum products to the EU in fiscal year 2025.

India has emerged as a major refiner of Russian crude, taking advantage of discounted prices that were previously in the range of USD 10-16/bbl. While th...