logo
Illegal: Russia's biggest oil producer slams EU sanctions on India's refinery

Illegal: Russia's biggest oil producer slams EU sanctions on India's refinery

India Today5 days ago
Rosneft, Russia's biggest oil producer, condemned the European Union's sanctions on Nayara Energy, an Indian oil refinery partly owned by Rosneft. The company called the EU's move "unjustified" and "illegal," warning that these restrictions threaten India's energy security and could hurt its economy.The EU announced the sanctions on Friday as part of its 18th package of restrictions against Russia, targeting its oil trade to pressure Moscow over the Ukraine invasion. Nayara Energy, located in Gujarat, processes crude oil and is partly owned by Rosneft, which holds 49.13% of the refinery. The EU's goal is to cut Kremlin revenues by limiting Russia's crude exports to countries like India.advertisementRosneft said in a statement that Nayara Energy is an "important asset" that ensures a steady supply of petroleum products to India's domestic market.
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
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Stop fuelling Russia's aggression: US warns China at UN over Ukraine war
Stop fuelling Russia's aggression: US warns China at UN over Ukraine war

India Today

time16 minutes ago

  • India Today

Stop fuelling Russia's aggression: US warns China at UN over Ukraine war

Tensions flared between the United States and China at the United Nations Security Council meeting on Friday, as Washington accused Beijing of aiding Russia's war in Ukraine through the export of dual-use goods, while China refuted the claims and warned against US Ambassador to the UN, Dorothy Shea, urged countries, specifically naming China, to halt exports that contribute to Russia's military capabilities, including components found in drones and missiles used against claim to have implemented strong export controls on dual-use goods falls apart in the face of daily recovery of Chinese-produced components in the drones, weapons, and vehicles that Russia uses against Ukraine,' Shea told the 15-member Security Council. She emphasised that the continued flow of such goods to Russia helps its missile and drone attacks, and undermines global efforts to curb the conflict. 'If China is sincere in calling for peace, it should stop fuelling Russia's aggression,' Shea in turn, pushed back strongly against the accusations. China's deputy UN Ambassador Geng Shuang defended Beijing's stance, asserting that China has maintained strict controls and has not contributed weapons to the conflict.'China did not start the war in Ukraine, is not a party to the conflict, has never provided lethal weapons, and has always 'strictly controlled dual-use materials, including the export of drones,'' Geng also criticised the US for deflecting responsibility, saying, 'We urge the US to stop shifting blame on the Ukraine issue or creating confrontation and instead play a more constructive role in promoting ceasefire and peace talks.'Earlier, an investigation by news agency Reuters revealed that Chinese-made engines have been secretly routed to a Russian state-owned drone manufacturer under the guise of "industrial refrigeration units" in an attempt to bypass Western sanctions.- EndsWith inputs from ReutersMust Watch

India-UK trade pact: Tariff cut may not impact Scotch whisky retail prices
India-UK trade pact: Tariff cut may not impact Scotch whisky retail prices

Business Standard

time23 minutes ago

  • Business Standard

India-UK trade pact: Tariff cut may not impact Scotch whisky retail prices

The India-UK free trade agreement (FTA), under which tariffs on whisky and gin have been halved from 150 per cent to 75 per cent, which will further fall to 40 per cent in a decade's time, will not necessarily impact prices of Scotch whisky and gin for Indian consumers. According to a May 2025 report from the International Wine & Spirit Research (IWSR), blended Scotch grew the strongest of all the large whisky categories in India in 2024, with volumes rising by medium single digits and sales more than doubling since 2020. India is known to be a whisky market, with widespread national sales. However, while the data company's forecasts anticipated an upside from the FTA, it added that its impact should not be overestimated. 'While tariffs have been slashed from 150 per cent to 75 per cent, the impact on shelf prices is closer to 10 per cent and it is not a given that this will be passed on to consumers,' it had stated in the 2025 executive summary. The revised tariffs will apply to both bottled-in-origin (BIO) and bulk imports. Industry executives agree, stating that tariffs make up only up to 15 per cent of the final retail price, and with state taxes and costs for distribution and marketing, prices could be down by a mere 10 per cent. This may not be passed on to consumers, they said on the condition of anonymity. A senior commerce ministry official said that a major portion of whisky imports into India are used in the manufacture of blended whisky, whose production is set to rise due to cheaper raw material. 'We are foreseeing significant strategic and cost advantages from this development. We have estimated our Scotch requirements at over ₹250 crore in 2025-26 (FY26), and this treaty represents a substantial opportunity for value creation,' said Abhishek Khaitan, managing director at Radico Khaitan, one of the largest importers of Scotch whisky. Some liquor players also believe that the FTA will help consumers have access to premium Scotch whisky at reduced prices. 'The UK FTA is a positive move for the Scotch whisky segment, and it will enhance accessibility and affordability for Indian consumers. For import-driven portfolios like ours, this could fast-track category adoption, bring price parity closer to Indian Made Foreign Liquor (IMFL), and enable deeper reinvestment into consumer-building efforts,' said Debashish Shyam, cofounder and director, Ardent Alcobev, which sells Dram Bell blended Scotch whisky. However, the real benefit, Shyam added, will depend on how quickly the duty reductions are implemented, and whether the states align their tax structures accordingly. Spirits made up 51.2 per cent of the total beverage alcohol market in 2024, dominated by whisky. According to the data company, India consumed 258,750 under-9-litre cases of whisky in 2024, which is set to witness a compound annual growth rate (CAGR) of 3.1 per cent from 2024 to 2029. These included 8,509.60 cases of Scotch whisky, the company stated, adding that India is set to become the biggest Scotch market in the world by 2027.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store