Unlawful: Rosneft says EU sanctions on India’s refinery threaten vitality safety
Rosneft, Russia’s largest oil producer, condemned the European Union’s sanctions on Nayara Power, an Indian oil refinery partly owned by Rosneft. The corporate referred to as the EU’s transfer “unjustified” and “unlawful,” warning that these restrictions threaten India’s vitality safety and will damage its financial system.
The EU introduced the sanctions on Friday as a part of its 18th package deal of restrictions towards Russia, concentrating on its oil commerce to strain Moscow over the Ukraine invasion. Nayara Power, situated in Gujarat, processes crude oil and is partly owned by Rosneft, which holds 49.13% of the refinery. The EU’s objective is to chop Kremlin revenues by limiting Russia’s crude exports to international locations like India.
Rosneft mentioned in an announcement that Nayara Power is an “vital asset” that ensures a gradual provide of petroleum merchandise to India’s home market.
Rosneft additionally clarified that it holds lower than half of Nayara and doesn’t management the corporate, which is run by an impartial board. The corporate referred to as the EU’s causes for the sanctions “far-fetched and false.” It identified that Nayara is an Indian authorized entity centered on growing its property and reinvesting earnings to develop the refinery and its petrochemical operations.
Nayara Power runs a big refinery with a capability of 400,000 barrels per day and owns almost 7,000 gasoline retailers throughout India. Additionally it is engaged on a brand new petrochemical plant close to its refinery to increase its manufacturing capabilities.
INDIA REJECTS EU SANCTIONS
India’s Ministry of Exterior Affairs (MEA) has additionally criticised the EU sanctions. MEA spokesperson Randhir Jaiswal mentioned that India “doesn’t subscribe to any unilateral sanction measures” and reaffirmed that India solely recognises sanctions determined throughout the United Nations framework.
“Now we have famous the most recent sanctions introduced by the European Union. India doesn’t subscribe to any unilateral sanction measures. We’re a accountable actor and stay absolutely dedicated to our authorized obligations,” Jaiswal mentioned in an announcement posted on X.
ROSNEFT BLAMES EU FOR VIOLATING INTERNATIONAL LAW
Rosneft accused the EU of ignoring worldwide regulation and interfering with the sovereignty of third international locations like India. The Russian oil big referred to as the sanctions a part of a broader try to destabilise world vitality markets and create unfair competitors.
The possession of Nayara Power is shared between Rosneft and the Indian funding group SPV Kesani Enterprises, together with different retail buyers. Experiences recommend Rosneft is trying to exit the Indian enterprise as a result of sanctions have made it troublesome to ship its earnings out of India.
Rosneft mentioned it expects Nayara to guard the pursuits of its shareholders and clients. It additionally mentioned that Russia and India’s governments would assist the corporate in coping with these challenges.
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With inputs type Companies
