Rosneft Slams EU Sanctions on Indian Unit as Unjustified and Illegal.

Rosneft, Russia's oil giant, has termed EU sanctions on its Indian unit, Nayara Energy, as unjustified and illegal. The sanctions, imposed as part of a new raft of measures against Russia over its war in Ukraine, include banking restrictions and curbs on fuels made from Russian crude oil. Rosneft emphasizes that Nayara is an Indian legal entity and its economic activity is aimed at developing its assets in India.

Russian oil giant Rosneft has strongly condemned the European Union's (EU) sanctions on its Indian subsidiary, Nayara Energy, labeling them as "unjustified and illegal." The sanctions, imposed as part of a new raft of measures against Russia over its war in Ukraine, include banking restrictions and curbs on fuels made from Russian crude oil.

In a statement, Rosneft emphasized that Nayara Energy is an Indian legal entity whose economic activity is aimed at developing its assets within India. The company holds less than 50% stake in Nayara and does not control it, with the Indian refinery managed by an independent Board of Directors. Rosneft contends that the EU's grounds for imposing sanctions are unfounded and misleading [1].

The EU has lowered the oil price cap to USD 60 per barrel, compelling Russia to sell its crude at reduced rates to buyers like India. As the second-largest purchaser of Russian oil, India stands to benefit from this move, with Russian crude currently accounting for nearly 40% of India's total oil imports [2].

Rosneft views the sanctions as part of the EU's destructive policy aimed at destabilizing global energy markets. The company warned that the sanctions pose a direct threat to India's energy security and could negatively impact its economy. Rosneft expressed confidence that Nayara Energy will take measures to safeguard its shareholders' and consumers' legitimate interests, with support anticipated from both the Russian and Indian governments [1].

The situation highlights ongoing tensions between Russia and Western nations over geopolitical issues. As global energy markets remain volatile, such developments could have far-reaching implications for international trade and economic relations [2].

References:
[1] https://m.economictimes.com/industry/energy/oil-gas/russian-oil-gas/russian-oil-giant-rosneft-says-eu-sanctions-on-indian-unit-unjustified-and-illegal/articleshow/122799500.cms
[2] https://www.goodreturns.in/news/rosneft-eu-sanctions-indian-unit-unjustified-illegal-011-1443963.html