Rosneft, Russia’s largest oil producer, slammed the European Union’s new sanctions on India’s Nayara Vitality as “unjustified and unlawful,” warning that the transfer endangers India’s power safety and financial stability.
Rosneft issued a pointy rebuke to the EU’s 18th sanctions bundle concentrating on Russia over the Ukraine battle. Among the many entities named was Nayara Vitality—an Indian refiner through which Rosneft holds a minority stake.
“The Nayara Vitality refinery is a strategically essential asset for the Indian power business,” Rosneft stated in a press release. “The imposition of sanctions towards the refinery immediately threatens India’s power safety and could have a detrimental impression on its economic system.”
Rosneft emphasised that it owns lower than 50% of Nayara and doesn’t management the corporate, which it stated is ruled by an unbiased board. The Russian oil large known as the EU’s rationale for concentrating on the Indian agency “far-fetched and false,” asserting that Nayara is a completely Indian authorized entity, pays taxes in India, and reinvests its income into home refining, petrochemicals, and retail operations. “It has by no means paid dividends to shareholders,” the assertion added.
The EU’s newest sanctions, authorised Friday, are aimed toward additional isolating Russia’s power sector by proscribing its world financial ties. Nonetheless, Rosneft accused the EU of overreach, claiming the sanctions violate worldwide legislation and infringe on the sovereignty of third nations like India.
“This can be a clear try to destabilize world power markets and interact in unfair competitors,” Rosneft stated.
The backlash comes amid deepening power ties between India and Russia. Nayara Vitality is a significant provider of petroleum merchandise in India, and Rosneft has ongoing provide offers with Indian corporations, together with Reliance Industries.
Rosneft’s criticism displays broader issues in Moscow and New Delhi over the collateral impression of Western sanctions. The Russian agency framed the EU transfer as not simply punitive to Russia, however disruptive to world power flows and India’s home gasoline market.
