‘Will do what we need to do’: India takes tough stand on EU sanctions over Russian oil; ‘energy security
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‘Will do what we need to do’
‘We will do whatever is necessary to meet the needs of our 1.4 billion people,’ Foreign Secretary Vikram Misri said. Western countries have been putting pressure on India over its imports of Russian oil. The EU sanctions could hit companies like Nayara Energy and Reliance the hardest, as they are India’s biggest fuel exporters. The US has also increased pressure on BRICS countries like India, China, and Brazil over Russian oil imports. U.S. President Donald Trump and Senator Lindsey Graham have warned that if these countries keep buying Russian oil, they may face high tariffs ranging from 100% to 500%. The EU announced new sanctions on Russia regarding the Ukraine war on July 18, 2025. These include reducing the price cap on Russian oil from $60 per barrel to $47.6 per barrel. Additionally, the import of refined fuels like petrol and diesel has also been banned.
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‘Will Do What We Need To Do’
‘Will do what we need to do’: India takes tough stand on EU sanctions over Russian oil; ‘energy security top priority’
New Delhi 3 hours ago
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Foreign Secretary Vikram Misri said India prioritizes its energy security and will protect its interests in purchasing Russian oil.
Foreign Secretary Vikram Misri, said that India prioritises its energy security above all and will safeguard its interests when it comes to purchasing Russian oil. This statement comes just ahead of Prime Minister Narendra Modi’s visit to the UK. Western countries have been putting pressure on India over its imports of Russian oil.
Vikram Misri said that energy security is the Indian government’s top priority. “We will do whatever is necessary to meet the needs of our 1.4 billion people,” he stated. He also added that there should be no double standards on the issue.
EU imposed restrictions on Russian oil
The European Union (EU) announced new sanctions on Russia regarding the Ukraine war on July 18, 2025. These include reducing the price cap on Russian oil from $60 per barrel to $47.6 per barrel. Additionally, the import of refined fuels like petrol and diesel made from Russian oil has also been banned.
This move is expected to affect countries like India, Turkey, and the UAE. These nations refine Russian crude oil into products like diesel, petrol, and jet fuel and then export them to Europe.
Threat to India’s petroleum products due to sanctions
According to GTRI founder Ajay Srivastava, “There is a looming threat to India’s export of $5 billion worth of petroleum products to the European Union.” India’s petroleum exports to the EU have already dropped by 27.1%, from $19.2 billion in FY24 to $15 billion in FY25.
The EU sanctions could hit companies like Nayara Energy and Reliance the hardest, as they are India’s biggest fuel exporters. Russian company Rosneft holds a 49.13% stake in Nayara Energy’s Vadinar refinery in Gujarat, which may now face problems with banking support.
Nayara Energy seeking legal options
Nayara Energy has called the EU sanctions “unjust” and said they are exploring legal steps to protect their operations, employees, and stakeholders. In a statement, the company said, “Our refinery plays a crucial role in meeting India’s energy needs. These sanctions violate India’s sovereignty and could affect the needs of 1.4 billion Indians.”
India buying more oil since the war
Since the Ukraine war began in 2022, India has increased its oil imports from Russia. Earlier, less than 1% of India’s oil came from Russia. Now, it has gone up to 40–44%. In fiscal year 2025, India imported $50.3 billion worth of crude oil from Russia—more than one-third of its total oil imports of $143.1 billion. The discounted prices from Russia have helped India keep inflation under control.
Pressure from the US
Along with the EU, the US has also increased pressure on BRICS countries like India, China, and Brazil over Russian oil imports. US President Donald Trump and Senator Lindsey Graham have warned that if these countries keep buying Russian oil, they may face high tariffs ranging from 100% to 500%.
Speaking on Fox News, Senator Graham said, “I will tell China, India, and Brazil that if you continue to buy cheap Russian oil, which keeps this war going, we will impose heavy tariffs on you.” He added, “We will shatter your economy because what you are doing is like blood money.”
Neeraj Chopra becomes brand powerhouse: Brand value soars to $30 million; non-cricket endorsements gain ground
Neeraj Chopra Classic, India’s first global javelin event, held on July 5 at Bengaluru’s Sree Kanteerava Stadium. Competition featured some of Javelin’s top international athletes and attracted major sponsors like Visa, Audi India, Duolingo English Test, and Snapchat.Emerging sports accounted for 14% of India’s ₹1,224 crore sports endorsement market in the year 2024, a jump of 46 percent, which industry experts attribute to the rising influence of athletes like Chopra.
is lifting India’s non-cricket endorsement scene after his recent victory at the 2025 Paris Diamond League and with the launch of the Neeraj Chopra Classic, India’s first global javelin event, according to ET.
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The competition, held on July 5 at Bengaluru’s Sree Kanteerava Stadium, featured some of javelin’s top international athletes and attracted major sponsors like Visa, Audi India, Duolingo English Test, and Snapchat.
Chopra’s growing influence in the endorsements space is reflective of a larger shift in the country’s sport sponsorship and marketing landscape. He along with likes of badminton ace PV Sindhu and shooting star Mannu Bhakar is driving the focus of endorsements circles beyond just cricket.
Emerging sports accounted for 14% of India’s ₹1,224 crore sports endorsement market in the year 2024, a jump of 46 percent, which industry experts attribute to the rising influence of athletes like Neeraj Chopra, reported the financial daily.
With the leading brands both national and international making a beeline for the javelin star, Chopra’s personal brand value is estimated to be around $30 million according to Kroll analysis quoted in the report.
With that staggering figure he is placed just behind the leading cricketers of the country. His brand roster now includes some 20 big names, including the brands like Tata AIA, Audi India, Visa, Krafton and Under Armour.
Chief commercial office of JSW sports, which manages Chopra’s brand engagements, said their emphasis has consistently been on making selective choices.
“Over the last fiscal year, we’ve seen a clear and strategic evolution in Neeraj’s brand portfolio.
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The mandate from the very beginning has been to be focused, deliberate, and selective,” Karan Yadav, chief commercial officer at JSW was quoted as saying. “Instead of maximising volume, our goal has been to align with brands that resonate with Neeraj’s personality, values, and passions.”
One instance is Chopra’s recent partnership with Audi India.”Neeraj’s authentic passion for automobiles made Audi a natural partner. The alignment was so strong that the collaboration became a seamless extension of Neeraj’s identity,” Yadav explains.
Evening news wrap: Tharoor hits back at Kerala Congress criticism; PM Modi set for UK, Maldives visit; and more
Shashi Tharoor hits back at Kerala Congress snub, responds to ‘no longer one of us’ remark. India takes tough stand on EU sanctions over Russian oil, says ‘energy security top priority’ Income Tax Appellate Tribunal (ITAT) upheld a tax demand of Rs 199.15 crore after dismissing a Congress appeal. A Delhi tourist was sexually assaulted on Sunday in her hotel room close to McLeodganj in Dharamshala, Himachal’s Kangra district. A friend of her boss who allegedly runs a hotel in Jawalamukhi, a temple town, has been taken into custody as the suspect. PM Modi’s forthcoming trips to the UK and the Maldives, which start on July 23, was held by the ministry of external affairs. The foreign secretary responded to queries regarding mounting western pressure on India over purchasing Russian oil ahead of Prime Minister Narendra Modi’s trip.
questioned the basis of remarks. Meanwhile, the ministry of external affairs briefed on Prime Minister Modi’s upcoming UK and Maldives visit from July 23.
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Responding to concerns over EU sanctions, India reiterated its firm stance on prioritizing energy security in relation to Russian oil imports.
In a legal setback, the Income Tax Appellate Tribunal rejected
’s appeal in a Rs 199 crore tax case. In a disturbing incident from Dharamshala, a Delhi woman was raped in her hotel room. Here are more developments of the day:
Shashi Tharoor hits back at Kerala Congress snub, responds to ‘no longer one of us’ remark
In response to outspoken criticism from Kerala Congress leaders, Shashi Tharoor retaliated, casting doubt on the veracity of the assertions.”People
saying this also have to have a basis of saying this… who are they? What is their party position… I would like to know. Don’t ask me to explain other people’s behaviour… you talk to them about their behaviour.” When questioned about the remarks made by other Congress leaders, Tharoor told reporters, “I can only talk about my own behavior.
” Read more
‘Who Are These People?’: Shashi Tharoor Hits Back At Congress’ ‘Not One Of Us’ Remark
‘Both sides committed to elevate partnership,’ says MEA on PM Modi’s UK visit
A pre-departure briefing on Prime Minister Narendra Modi’s forthcoming trips to the UK and the Maldives, which start on July 23, was held by the ministry of external affairs.
“The Prime Minister will embark on an official visit to the United Kingdom tomorrow, July 23, for discussions with Prime Minister Keir Starmer,” stated foreign secretary Vikram Misri, outlining the itinerary for the trip. In addition, he will meet with prominent business figures from India and the UK and pay a visit to King Charles III.
India takes tough stand on EU sanctions over Russian oil, says ‘energy security top priority’
Foreign secretary Vikram Misri responded to queries regarding mounting western pressure on India over purchasing Russian oil ahead of Prime Minister Narendra Modi’s trip to the UK.
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Misri said, “We have been very clear that insofar as energy security is concerned, it is the highest priority of the government of India to provide energy security for the people of India, and we will do what we need to do with regard to that.
”
No relief for Congress in Rs 199 crore tax case: Tribunal says no exemption
The Income Tax Appellate Tribunal (ITAT) upheld a tax demand of Rs 199.15 crore after dismissing a Congress appeal.
According to Bar and Bench, a two-member bench decided in a comprehensive ruling on Monday that Congress had not fulfilled essential requirements needed to qualify for the exemption.”The assessee’s return filed on 02.02.2019 is not within the ‘due’ date to make it eligible for the impugned exemption,” the court stated.
For the 2018–19 assessment year, the party had sought exemption under Section 13A of the Income Tax Act.
Delhi tourist raped in McLeodganj hotel room; suspect arrested
A Delhi tourist was sexually assaulted on Sunday in her hotel room close to McLeodganj in Dharamshala, Himachal’s Kangra district, by a friend of her boss who allegedly runs a hotel in Jawalamukhi, a temple town. Shubham, a Kangra native, has been taken into custody as the suspect. The woman claims he sexually assaulted her after breaking into her room when she was by herself. The survivor, who works and resides in Delhi, went to the Kangra district of Himachal Pradesh with three friends, including her boss.
According to a police officer, Shubham, a friend of the survivor’s advocate and hotel owner in Jawalamukhi, invited the group to make a visit first.
Paytm stock jumps 122% in one year; still far from IPO price — Can the rally continue?
Paytm (One 97 Communications) shares surged 122% over the past year, driven by a wave of investor optimism and strong market momentum. Despite the sharp rebound, the stock still trades 53% below its IPO issue price of Rs 2,150. Analysts point to a consistent pattern of higher highs and higher lows (HH-HL), which typically suggests a sustained uptrend. With June quarter results due today (July 22), analysts believe earnings could be a key trigger. Whether it can turn early profitability into long-term growth, and win back long- term investors remains to be seen, analysts say.
Despite the sharp rebound, the stock still trades 53% below its IPO issue price of Rs 2,150, prompting the big question, can Paytm reclaim its IPO-era peak.
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Currently hovering around Rs 1,018, Paytm is showing signs of a technical breakout. Analysts point to a consistent pattern of higher highs and higher lows (HH-HL), which typically suggests a sustained uptrend.
Drumil Vithlani, Technical Research Analyst at Bonanza Portfolio, noted the stock is nearing a critical resistance zone between Rs 1,020 and Rs 1,030 — a level where it faced heavy selling in December 2024.
“The stock has been consistently forming a higher highs–higher lows (HH–HL) structure, which indicates a sustained uptrend,” he added.
Vithlani advises existing holders to keep a stop-loss at Rs 980 and continue holding if the breakout is confirmed with strong volumes.
Hardik Matalia, Derivative Analyst at Choice Broking, sees bullish patterns forming on longer-term charts. “There is a Cup and Handle pattern on the weekly chart and an Inverted Head and Shoulders on the monthly — both are bullish continuation setups that suggest potential for a move toward Rs 1,700,” he told ET.
“Paytm is comfortably trading above its 20-, 50-, 100-, and 200-day EMAs, and the RSI at 65.86 is trending upwards,” he added.
With June quarter results due today (July 22), analysts believe earnings could be a key trigger. Brokerages expect Paytm to post its first-ever quarterly profit, with a projected PAT of over Rs 18.9 crore a significant turnaround from last year’s loss.
Revenue is expected to rise 27% YoY, led by growth in payments and financial services.
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While brokerages like YES Securities and JM Financial see improvement in loan disbursals and expense control, they caution that margins may be pressured by rising payment costs and the lack of UPI incentives.
A domestic fund manager summed up the outlook: “Reclaiming the IPO price of Rs 2,150 will require sustained earnings delivery, clarity on regulatory concerns, and expansion in lending partnerships,” a fund manager at a domestic mutual fund told the outlet.
For now, the momentum is with Paytm. Whether it can turn early profitability into long-term growth, and win back long-term investors remains to be seen.
(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)