Russia’s state-owned Rosneft Oil Co. said Sunday it would support measures to be taken by Indian refiner Nayara Energy Ltd., in which Rosneft is an investor, against a blacklisting by the European Union.
In its 18th package of sanctions against Russia over its invasion of Ukraine, adopted Friday, the 27-member bloc included Nayara in the list of targeted entities, saying Rosneft owns a majority stake in an “important refinery” operated by Nayara and that the site is a “major refiner of Russian crude”.
The refinery in the town of Vadinar, Devbhoomi Dwarka District, has a capacity of 20 million metric tons a year or 405,000 barrels per day, making it India’s second-biggest single-location refinery, according to Nayara.
“That refinery is 49 percent owned by the Russian State oil company Rosneft… The energy sector, in particular the oil sector, is a sector providing substantial revenue to the Russian Government”, the European Council said in Friday’s decision.
“Therefore, Nayara Energy is involved in an economic sector providing a substantial source of revenue to the Government of the Russian Federation”, Council Decision (CFSP) 2025/1478 added.
Friday’s decision imposes sanctions adopted in 2014 to target entities tied to Moscow’s annexation of the Crimean peninsula and entities whose activities are deemed to undermine Ukraine’s sovereignty. Council Decision 2014/145/CFSP has been extended to entities linked to Russia’s invasion of Ukraine in 2022.
Nayara’s blacklisting means it could be subject to asset freezes by the EU.
Rigzone emailed a comment request to Nayara.
Rosneft said in an online statement, “These sanctions are yet another example of extraterritorial implementation of politically motivated restrictions that blatantly violate international law and infringe on the economic interests of a sovereign state”.
“Rosneft emphasizes that it is not a controlling shareholder of Nayara Energy – the Company’s share in the authorized capital of the enterprise is less than 50 percent. The enterprise is managed by an independent Board of Directors”, the statement added.
“The European Union’s grounds for imposing sanctions are completely far-fetched and false in content, Nayara Energy is an Indian legal entity whose economic activity is aimed at the development of its asset. The entity is taxed entirely in India. Nayara Energy shareholders have never received dividend payments and the accumulated profits have been used exclusively for the development of the refinery and petrochemicals and the company’s retail network in India”.
“The restrictions on Nayara Energy are yet another example of the EU’s use of unfair competition practices”, Rosneft said.
“We are counting on the fact that Nayara Energy will take measures to protect the legitimate interests of its shareholders and consumers, which will be supported by the governments of Russia and India”, Rosneft said.
Randhir Jaiswal, spokesperson of India’s External Affairs Ministry, said in a statement on X, “India does not subscribe to any unilateral sanction measures”.
“Government of India considers the provision of energy security a responsibility of paramount importance to meet the basic needs of its citizens”, Jaiswal added.
“We would stress that there should be no double standards, especially when it comes to energy trade”.
To contact the author, email jov.onsat@rigzone.com
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