The EU on Friday adopted a sweeping new package of sanctions on Russia over the Ukraine war, looking to pile more pressure on the Kremlin by lowering a price cap for Moscow's oil exports. As part of the new sanctions designed to sap Russia's war chest,

India is confident of meeting its oil needs from alternative sources if Russian supplies are hit by secondary sanctions, Oil Minister Hardeep Singh Puri said on Thursday. Earlier this week, U.S. President Donald Trump warned that countries purchasing Russian exports could face sanctions if Moscow fails to reach a peace agreement with Ukraine within 50 days.

In the 18th round of sanctions on Russia over its war on Ukraine, the European Union (EU) has targeted Vladimir Putin’s income from oil sales. The EU has sanctioned an Indian refinery for the first time in which Russia has a 49% stake.