Last week, the European Union agreed on its 18th package of sanctions against Russia, which included a ban on the import of refined oil products derived from Russian crude. Whether this bolsters calls for the American government to do the same remains to be seen.

New European Union sanctions targeting Nayara Energy, a major Indian refinery with significant Russian ties, are expected to have a limited impact on global oil markets, according to Rystad Energy. This muted effect is attributed to India’s declining reliance on European product exports and its capacity to reroute refined products to domestic and alternative international