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Rosneft-linked oil payment rules changed after EU sanctions, Bloomberg reports. Mumbai-based Nayara Energy, the Indian refinery part-owned by Rosneft, now demands upfront payment or documentary letters of credit from buyers, showing how far-reaching the latest EU sanctions package is.
Nayara Energy Ltd., a key Indian refinery partially owned by Russia’s Rosneft, is now requiring advance payments or documentary letters of credit for upcoming oil shipments. According to Bloomberg, the shift was revealed in a revised tender document for a naphtha cargo scheduled for next month. The previous version of the tender included no such financial requirements. Naphtha is a fraction of crude oil, used for further petrochemical production.
Kpler analyst Zameer Yusof told Bloomberg the move “underscores how far-reaching the latest tranche of EU sanctions are.” He said the advance payment condition likely reflects fears that buyers may back out of deals or that banks could refuse to clear transactions involving sanctioned entities.
In a weekend statement, Rosneft claimed that the EU’s new measures as “unjustified and illegal.” Meanwhile, Nayara insisted that operations remain normal and said it is “exploring all legal and appropriate avenues” to respond to the situation.
India has become one of the largest importers of Russian crude since Moscow launched its full-scale invasion of Ukraine in 2022. As Western buyers turned away, Indian refiners stepped in to process Russian oil, including into diesel and other products that were then exported globally. Until now, Nayara had continued those operations without direct interference from sanctions.
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The European Union has reached a long-term trade agreement with Ukraine, marking the end of wartime trade liberalisation measures, though key details of the deal remain undisclosed.
EU Trade Commissioner Maros Sefcovic and Agriculture Commissioner Christophe Hansen announced the agreement on June 30, calling it a "predictable" and "reciprocal" framework. However, they did not reveal the final quotas or volumes included in the deal. Sefcovic noted that the finer points would be finalised "in the coming days."
The new deal replaces the autonomous trade measures (ATMs) that allowed Ukrainian agri-food exports to enter the EU tariff-free since 2022. Those temporary measures expired on June 5, reinstating pre-war trade conditions for a brief period.
Structured in three tiers, the new framework introduces modest increases in quotas for products considered sensitive by EU member states, such as eggs, poultry, sugar, wheat, maize, and honey. A second group of products—including butter, skimmed milk powder, oats, barley, malt, and gluten—will see their quotas adjusted to reflect peak import levels reached since the start of the war. A third category, which includes items such as whole milk powder, fermented milk, mushrooms, and grape juice, will be fully liberalised.
Once finalised, the text of the agreement will be submitted to the Council for ratification.
Sefcovic said negotiations concluded over the weekend, less than a month after formal talks began. However, some critics claim the EU delayed the process to avoid backlash from farmers ahead of Poland’s presidential election.
The agreement also benefits EU producers, granting them greater access to the Ukrainian market for goods like pork, poultry, and sugar. But Hansen made it clear that expanded access for Ukrainian exports will depend on Ukraine’s compliance with EU agricultural standards by 2028, including rules on animal welfare and pesticide use. "This commitment also fits perfectly with Ukraine's EU accession path," he said.
The deal includes safeguard provisions, allowing the EU or individual member states to restrict imports if domestic markets face serious disruptions. “Both EU and Ukrainian producers deserve a stable and predictable basis for the future development of bilateral trade,” Hansen added.
Moscow has become even more economically dependent on Beijing. Russia’s aluminum exports to China surged 56% in the first five months of 2025, nearly reaching 1 million metric tons, Bloomberg reports.
Following sweeping EU sanctions over the war in Ukraine, China has replaced Europe as Russia’s key trading partner, with bilateral trade totaling more than $240 billion last year. This year, the EU approved a gradual ban on Russian aluminum imports, imposing a 275,000-ton quota valid until February 2026.
Meanwhile, Russian copper exports to China rose by 66%, and nickel shipments more than doubled, Trade Data Monitor reports, citing Chinese customs data.
Top Russian producers like Norilsk Nickel and Rusal are not directly sanctioned by the US but face restrictions: their metals are no longer accepted on the London or Chicago Metal Exchanges, pushing them to shift sales to Asian markets.
Sources say Rusal is offloading accumulated stockpiles from Russia throughout 2025, with total shipments to China expected to hit 1.5 million tons by year’s end.
Meanwhile, Norilsk Nickel is partnering with China’s Shandong Gold to expand cathode copper exports. Other Russian firms, including Russian Copper Co. and UMCC, both already under sanctions, continue to trade with Chinese buyers.
Previously, David O’Sullivan, the EU’s special envoy for sanctions enforcement related to Russia’s war against Ukraine, said that 80% of Russian weapons components come from China, UkrInform reports.
He explained that Russia is circumventing sanctions through third countries and noted that Beijing’s major role in supplying dual-use goods and critical components remains a major obstacle to undermining Russia’s war machine.