The European Union’s latest round of sanctions targeting Russian oil operations has directly impacted an Indian subsidiary of a UAE-based maritime company and an Indian-origin ship captain.
Intershipping Services Hub Private Ltd, an Indian arm of a UAE-headquartered company, has been placed under sanctions by the EU.
In addition, Captain Abhinav Kamal, who commands the crude oil tanker Argent, has also been sanctioned by the EU. The official listing states that Kamal provided material, technical and financial assistance in connection with maritime operations involving the transport of Russian crude oil and petroleum products.
Industry sources said that Kamal is the only Indian national included in the EU’s Russia-related sanctions in the context of the ongoing Ukraine conflict.
Authorities allege that Intershipping Services facilitated vessels involved in Russian-linked oil trade operations, resulting in its inclusion in the sanctions list.
Scope and Impact of the Sanctions
The restrictions apply within the jurisdiction of the EU. These sanctions bind EU-based entities, citizens and organisations. Assets held by the Intershipping Services in European territories will be frozen. European businesses and individuals are prohibited from engaging in financial transactions or trade with the company.
“This means the assets that the Intershipping Services LLC holds in Europe will be frozen, and European citizens and companies cannot make money available to it, hence cannot do business,” an EU official was quoted as saying by The Economic Times.
Entities outside the EU can continue to conduct business with the Intershipping Services Hub, as the sanctions do not apply to non-EU jurisdictions.
However, the listing may still pose operational challenges for Captain Kamal, especially due to the strong interlinkages between global maritime services and the European market.
As per officials cited in the report, the restrictions prevent him from providing or accessing services involving EU-associated vessels.
Operational Fallout at Indian Refinery
The EU’s recent sanctions have also started affecting refinery operations in India. According to industry reports, shipping companies are showing increasing reluctance to work with the Nayara Energy Ltd, an Indian oil refining company that has a significant Russian ownership stake.
Rosneft PJSC, Russia’s state-controlled oil firm, owns 49.13% of Nayara Energy.
Shipping operators have begun withdrawing from both crude oil import and product export arrangements with Nayara following the EU’s 14th sanctions package, Bloomberg reported, citing industry sources.
Vessel tracking data reviewed by the outlet showed that a ship named Talara, which was scheduled to pick up a diesel cargo from Nayara’s Vadinar port, aborted its planned stop last Sunday. The cargo was not collected following the announcement of the latest sanctions, and the vessel left the port without loading.
The shipment remains at the terminal, according to the report.
India’s Position on Unilateral Sanctions
India has consistently maintained that it does not recognise unilateral sanctions imposed by individual countries or blocs. There has been no official response from Indian authorities on the latest EU measures as of now.
