India, July 18 -- The European Union (EU) on Friday unveiled a new package of sanctions aimed at Russia over its war against Ukraine, including a reduction of the oil price cap from $60 to about $48 a barrel and the designation of the Vadinar Refinery in which Russian energy firm Rosneft has a major stake.

The 18th package of sanctions, announced almost two months after the previous package, included measures largely aimed at curbing the revenues of Russia's oil and energy sector such as an import ban on refined petroleum products made from Russian crude oil and coming from any third country. Russia has emerged as India's top energy supplier since the West slapped sanctions on its oil after the invasion of Ukraine, and currently accounts...