Nayara Energy rejects EU sanctions, calls move ‘unilateral' and without legal basis

Time of India

4 days ago

New Delhi:
Nayara Energy
, which accounts for 8 per cent of India's total refining capacity, has rejected the European Union's recent decision to impose sanctions on the company, calling the move 'unjust and unilateral' and asserting that it lacks legal foundation under international law.
In a media statement, the company said, 'As an Indian company, we are deeply committed to supporting the nation's energy security and fostering economic growth. Our organization is governed by Indian law and proudly serves as a vital contributor to the country's energy infrastructure.'
Nayara Energy operates one of India's largest refineries and has a 7 per cent share of the domestic petrol pump network. It also contributes 8 per cent of the country's polypropylene production capacity. The company said it continues to serve Indian demand and has no exposure to EU consumers.
The EU's move comes as part of its broader sanctions package targeting Russia and its affiliates. Nayara, in which Russia's
Rosneft
holds a stake, said that the EU's action is an 'undue extension of authority' that risks disrupting energy supplies to Indian consumers and industries.
'The EU's decision lacks legal basis and threatens to undermine India's interests,' the company said, adding that the measures could affect ongoing investments and partnerships. Nayara stated that since August 2017, it has invested over ₹14,000 crore in India and plans to invest an additional ₹70,000 crore in areas including petrochemicals, ethanol plants, ESG initiatives and marketing infrastructure.
The company also said it has contributed ₹2.5 lakh crore in direct and indirect taxes during the same period and reaffirmed its commitment to the country's energy goals.
'All our operations in India remain fully compliant with Indian laws and continue to function normally,' Nayara said. 'We have taken comprehensive measures to guarantee seamless continuity and stability across all business verticals.'
The company further stated that it is actively exploring all legal and appropriate avenues to respond to the EU sanctions. 'Several EU countries continue to import Russian energy while taking a high moral ground by targeting an Indian entity that primarily serves domestic demand,' the statement noted.
Nayara also emphasised its role in
community development
, citing a ₹200 crore annual CSR budget that supports education, healthcare, and infrastructure in regions near its operations.
'An Indian Company, Nayara is in India and for India – highly driven and committed to fuel the nation's growing demand for energy,' the statement said.