Russia’s state-owned Rosneft Oil Co. stated Sunday it might assist measures to be taken by Indian refiner Nayara Vitality Ltd., wherein Rosneft is an investor, towards a blacklisting by the European Union.
In its 18th bundle of sanctions towards Russia over its invasion of Ukraine, adopted Friday, the 27-member bloc included Nayara within the checklist of focused entities, saying Rosneft owns a majority stake in an “necessary refinery” operated by Nayara and that the location is a “main refiner of Russian crude”.
The refinery within the city of Vadinar, Devbhoomi Dwarka District, has a capability of 20 million metric tons a yr or 405,000 barrels per day, making it India’s second-biggest single-location refinery, in keeping with Nayara.
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“That refinery is 49 % owned by the Russian State oil firm Rosneft… The vitality sector, particularly the oil sector, is a sector offering substantial income to the Russian Authorities”, the European Council stated in Friday’s determination.
“Subsequently, Nayara Vitality is concerned in an financial sector offering a substantial income to the Authorities of the Russian Federation”, Council Resolution (CFSP) 2025/1478 added.
Friday’s determination imposes sanctions adopted in 2014 to focus on entities tied to Moscow’s annexation of the Crimean peninsula and entities whose actions are deemed to undermine Ukraine’s sovereignty. Council Resolution 2014/145/CFSP has been prolonged to entities linked to Russia’s invasion of Ukraine in 2022.
Nayara’s blacklisting means it might be topic to asset freezes by the EU.
Rigzone emailed a remark request to Nayara.
Rosneft stated in a web based assertion, “These sanctions are yet one more instance of extraterritorial implementation of politically motivated restrictions that blatantly violate worldwide legislation and infringe on the financial pursuits of a sovereign state”.
“Rosneft emphasizes that it’s not a controlling shareholder of Nayara Vitality – the Firm’s share within the approved capital of the enterprise is lower than 50 %. The enterprise is managed by an impartial Board of Administrators”, the assertion added.
“The European Union’s grounds for imposing sanctions are utterly far-fetched and false in content material, Nayara Vitality is an Indian authorized entity whose financial exercise is aimed on the growth of its asset. The entity is taxed solely in India. Nayara Vitality shareholders have by no means acquired dividend funds and the amassed income have been used solely for the event of the refinery and petrochemicals and the corporate’s retail community in India”.
“The restrictions on Nayara Vitality are yet one more instance of the EU’s use of unfair competitors practices”, Rosneft stated.
“We’re relying on the truth that Nayara Vitality will take measures to guard the reputable pursuits of its shareholders and shoppers, which will probably be supported by the governments of Russia and India”, Rosneft stated.
Randhir Jaiswal, spokesperson of India’s Exterior Affairs Ministry, stated in an announcement on X, “India doesn’t subscribe to any unilateral sanction measures”.
“Authorities of India considers the supply of vitality safety a duty of paramount significance to satisfy the essential wants of its residents”, Jaiswal added.
“We’d stress that there must be no double requirements, particularly with regards to vitality commerce”.
To contact the creator, e-mail jov.onsat@rigzone.com
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