The timing of the report is curious as it comes ahead of the visit of several European Foreign Ministers and EU officials here next week, according to a source who did not wish to be named. Interestingly, European states are purchasing refined Russian crude from India.

The EU has put forward new trade restrictions targeting approximately two dozen companies, including one from India and three from China, accused of backing Russia following the war in Ukraine.

If approved, this move would mark the first instance of the EU imposing sanctions on mainland Chinese companies. Earlier attempts to list Chinese firms were dropped due to resistance from certain member states and assurances from Beijing. But EU sanctions require unanimous approval from all member states and may undergo changes before adoption.

It may be pointed out India has not joined any sanctions against Russia since the Ukraine war. Bilateral trade has jumped manifold to touch $60 billion since the war with India and Russia actively using INSTC besides Chennai-Vladivostok route to trade with Russia. However, certain Indian companies are apprehensive of secondary sanctions.