Russia-backed Indian refiner Nayara Energy has named a new chief executive after its previous CEO resigned following European Union sanctions that targeted the company, four sources with knowledge of the matter said on Friday.
The reshuffle at the top is the latest disruption for the company since the EU announced a new round of sanctions last Friday directed at Russia over its war in Ukraine.
This week, a tanker carrying Russian Urals crude was diverted away from Nayara’s Vadinar port to unload its cargo at another port in western India, Reuters reported. That came after two other tankers skipped loading refined products from Vadinar, Reuters reported.
Mumbai-based Nayara has appointed company veteran Sergey Denisov as chief executive to replace Alessandro des Dorides, the sources said. Denisov’s appointment was decided at a board meeting on Wednesday, they said.
Nayara Energy did not immediately respond to a request for comment.
Des Dorides, who joined Nayara Energy in April 2024, did not immediately respond to a message sent on LinkedIn.
Denisov has been with the company since 2017.
Nayara Energy has condemned the EU’s “unjust and unilateral” decision to impose sanctions.
Russia’s Rosneft holds a 49.13% stake in Nayara and a similar stake is owned by a consortium, Kesani Enterprises Co Ltd, led by Italy’s Mareterra Group and Russian investment group United Capital Partners.
India, which has become the top importer of seaborne Russian oil in the aftermath of Moscow’s Ukraine invasion, has also said it does not support the bloc’s sanctions.
