Illegal: Russia's biggest oil producer slams EU sanctions on India's refinery
Rosneft also clarified that it holds less than half of Nayara and does not control the company, which is run by an independent board. The company called the EU's reasons for the sanctions "far-fetched and false." It pointed out that Nayara is an Indian legal entity focused on developing its assets and reinvesting profits to grow the refinery and its petrochemical operations.Nayara Energy runs a large refinery with a capacity of 400,000 barrels per day and owns nearly 7,000 fuel outlets across India. It is also working on a new petrochemical plant near its refinery to expand its production capabilities.INDIA REJECTS EU SANCTIONSIndia's Ministry of External Affairs (MEA) has also criticised the EU sanctions. MEA spokesperson Randhir Jaiswal said that India "does not subscribe to any unilateral sanction measures" and reaffirmed that India only recognises sanctions decided within the United Nations framework."We have noted the latest sanctions announced by the European Union. India does not subscribe to any unilateral sanction measures. We are a responsible actor and remain fully committed to our legal obligations," Jaiswal said in a statement posted on X.ROSNEFT BLAMES EU FOR VIOLATING INTERNATIONAL LAWRosneft accused the EU of ignoring international law and interfering with the sovereignty of third countries like India. The Russian oil giant called the sanctions part of a broader attempt to destabilise global energy markets and create unfair competition.The ownership of Nayara Energy is shared between Rosneft and the Indian investment group SPV Kesani Enterprises, along with other retail investors. Reports suggest Rosneft is looking to exit the Indian venture because sanctions have made it difficult to send its earnings out of India.Rosneft said it expects Nayara to protect the interests of its shareholders and customers. It also said that Russia and India's governments would support the company in dealing with these challenges.- EndsWith inputs form AgenciesMust Watch
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