Rosneft, Russia’s biggest oil producer, on Sunday, July 20, slammed European Union sanctions on India’s Nayara Energy refinery as unjustified and illegal, saying the restrictions directly threatened India’s energy security.The EU’s 18th package of sanctions against Russia over the conflict in Ukraine, was approved on Friday, July 18, and is aimed at dealing further blows to Russia’s oil and energy industry. Nayara Eenrgy was one of the targeted companies.
“The Nayara Energy refinery is a strategically important asset for the Indian energy industry, providing a stable supply of petroleum products to the country’s domestic market. The imposition of sanctions against the refinery directly threatens India’s energy security and will have a negative impact on its economy,” Rosneft said.
Rosneft said it holds less than 50% in Nayara and does not control the enterprise, which is managed by an independent board. It described the EU’s justification for the sanctions as “far-fetched and false in context.””Nayara Energy is an Indian legal entity whose operations support the development of its assets,” Rosneft said, adding that the company is fully taxed in India, has never paid dividends to shareholders, and reinvests profits into refining, petrochemicals, and retail operations.
“The Nayara Energy refinery is a strategically important asset for the Indian energy industry, providing a stable supply of petroleum products to the country’s domestic market. The imposition of sanctions against the refinery directly threatens India’s energy security and will have a negative impact on its economy,” Rosneft said.
Rosneft said it holds less than 50% in Nayara and does not control the enterprise, which is managed by an independent board. It described the EU’s justification for the sanctions as “far-fetched and false in context.””Nayara Energy is an Indian legal entity whose operations support the development of its assets,” Rosneft said, adding that the company is fully taxed in India, has never paid dividends to shareholders, and reinvests profits into refining, petrochemicals, and retail operations.
The Russian oil giant accused the EU of disregarding international law and third-country sovereignty, calling the move part of a broader effort to destabilise global energy markets and engage in unfair competition.
