&w=3840&q=100)
Rosneft calls EU sanctions on Nayara Energy unjustified and illegal
"Rosneft Oil Company considers the European Union's decision to impose restrictive measures on the Indian refinery of Nayara Energy as unjustified and illegal," it said in a 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." The European Union on Friday imposed sanctions on the Indian oil refinery of Rosneft and lowered the oil price cap, as part of a new raft of measures against Russia over its war in Ukraine.
The fresh sanctions package on Russia included new banking restrictions and curbs on fuels made from Russian crude oil.
The lowered oil price cap - currently set at USD 60 per barrel - means Russia will be forced to sell its crude at reduced rates to buyers like India. As the second-largest purchaser of Russian oil, India stands to benefit from this move. Russian crude currently accounts for nearly 40 per cent of India's total oil imports.
"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%," the Russian firm said, adding Nayara is managed by an independent Board of Directors.
Rosneft said 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 assets. 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," it said.
The Nayara Energy refinery is a strategically important asset for the Indian energy industry, providing a stable supply of petroleum products to the country's domestic market.
"The imposition of sanctions against the refinery directly threatens India's energy security and will have a negative impact on its economy," Rosneft said.
"Such actions of the European Union demonstrate complete disregard not only for international law, but also for the sovereignty of third countries.
Rosneft views these sanctions as part of the EU's destructive policy aimed at destabilizing global energy markets. The restrictions on Nayara Energy are yet another example of the EU's use of unfair competition practices," it said.
Rosneft said it is 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.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)

First Post
19 minutes ago
- First Post
'We've made efforts...': MEA says helping Nimisha Priya, in touch with ‘friendly governments
India on Tuesday said it is providing all possible support to Nimisha Priya and her family and is in touch with 'friendly governments' after her execution in Yemen was put on hold just a day before it was scheduled on July 16. read more The Indian government on Tuesday said it is providing all necessary support to Nimisha Priya and her family after her planned execution in Yemen was postponed just a day before it was scheduled on July 16. Describing the case as 'sensitive,' Ministry of External Affairs spokesperson Randhir Jaiswal said India has extended legal aid, appointed a lawyer for the family, and ensured regular consular access. He added that the government remains in close touch with local Yemeni authorities and Priya's family to help resolve the matter. STORY CONTINUES BELOW THIS AD 'We've made efforts to help the family reach a mutually acceptable solution with the victim's family,' Jaiswal said, adding that India has also reached out to friendly governments to seek further assistance. The execution was deferred by Yemeni authorities following these efforts. The Ministry said it will continue to closely monitor the situation and provide all possible help. Jaiswal's remarks came days after the Centre told the Supreme Court that only Nimisha Priya's family could take steps to seek a pardon from the victim's kin, and that external organisations may not be effective in the process. Nimisha Priya, a nurse from Palakkad, Kerala, was sentenced to death in 2020 for the 2017 murder of a Yemeni national. Her appeal was rejected by Yemen's Supreme Judicial Council in November 2023. Her execution, originally set for July 16, was halted following the intervention of Grand Mufti of India, Kanthapuram AP Aboobacker Musliyar, who reached out to religious leaders in Yemen urging them to consider mercy for the 38-year-old.

Time of India
19 minutes ago
- Time of India
Rare Protest Hits Ukraine As Zelensky ‘Cripples' Anti-Corruption Agencies, Then Blames Russia
Putin Dollar Shock For Trump After BRICS Declaration? Russia's Big De-Dollarisation Announcement Russian Deputy Foreign Minister Sergey Ryabkov clarified that BRICS nations don't aim to replace the US dollar, but rather seek alternatives for mutual settlements to circumvent US sanctions. He stated BRICS intends to trade in national currencies, with Russia already conducting 90% of payments with partners in local denominations. This counters US President Trump's concerns and threats of tariffs on BRICS countries, who are also developing "BRICS Pay," a decentralized blockchain payment system for cross-border transactions. 42.2K views | 2 days ago


Business Standard
19 minutes ago
- Business Standard
Eastman's LithTec Combo Brings Compact, Powerful, and Clean Backup Solutions to Indian Households
VMPL New Delhi [India], July 23: Eastman Auto & Power Ltd., an innovator in the energy transition space, has unveiled its latest offering - the LithTec Combo, a next-generation power backup system engineered for modern Indian households. Tailored to meet the evolving energy needs of urban and semi-urban homes, the LithTec Combo combines Eastman's advanced Lithium Battery with a trusted Home UPS, delivering unmatched performance, compact design, and intelligent functionality -- all in one smart solution. At the core of LithTec are two high-performance lithium battery variants from 100 Ah to 150 Ah both backed by a 5-year warranty. These batteries are seamlessly compatible with Eastman's Home UPS models from 850VA to 2000VA, which comes with a 3-year warranty. Key features of the LithTec Combo include: * Fast Charging: Reduced downtime during outages with efficient recharging capabilities. * Longer Backup: Higher usable capacity and deep discharge support to power essentials for extended periods. * Maintenance-Free Operation: No acid, no fumes, and zero water top-up required -- making it ideal for indoor use in family environments. * Longer Battery Life: Compared to traditional batteries, ensuring long-term savings and peace of mind. Designed to blend seamlessly into contemporary living spaces, the LithTec Combo reflects Eastman's commitment to user comfort, energy efficiency, and environmental responsibility. Mr. Shekhar Singal, Managing Director, Eastman Auto & Power Limited, said "At Eastman, we are not just building products -- we are shaping the future of energy consumption in India. The LithTec Combo is a decisive step in bringing next-generation lithium technology into the mainstream, empowering households with safer, smarter, and more sustainable power backup. This launch reflects our commitment to innovation, design excellence, and making advanced energy solutions accessible to every Indian home." With a legacy of quality and a pan-India service network, Eastman continues to strengthen its leadership in clean energy innovations for residential and commercial applications. About - Eastman Auto & Power Ltd: Eastman Auto & Power Limited (EAPL) is a leading player in the energy transition space, offering innovative solutions across energy generation, storage, and utilization. The company operates in three key verticals: LastMile E-Mobility, Solar Solutions, and Continued Energy Solutions. Eastman delivers a wide range of technology-driven products, including energy storage systems and power conversion solutions designed for solar and backup applications. With a strong manufacturing base and an expanding global footprint, the company is committed to driving clean, accessible, and reliable energy solutions. Backed by a deep-rooted distribution and service network, Eastman partners with OEMs and end users to deliver seamless energy experiences. Through continuous innovation and customer-centricity, the company is helping accelerate the shift toward sustainable and self-reliant energy ecosystems -- both in India and internationally.