EU sanctions against India's Nayara 'unjustified,' Rosneft says
(Bloomberg) — Newly imposed European sanctions against India's Nayara Energy refinery are 'unjustified and illegal,' according to Russian oil major Rosneft PJSC that co-owns the facility.
Article content
The European Union on Friday adopted the 18th package of restrictions targeting Russia and its oil trade in condemnation of the invasion in Ukraine. The measures included sanctions against the Indian crude-processing facility, in which Rosneft holds 49.13%, as the bloc seeks to reduce the Kremlin's energy revenues that have been supported by Russian crude exports to India.
Article content
Article content
Article content
Nayara Energy 'is taxed entirely in India,' Rosneft said in a statement on its website on Sunday. '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.
Article content
Article content
The ownership of Nayara is currently split between Rosneft and investment consortium SPV Kesani Enterprises Co., while the remaining shares are held by retail investors. The Russian oil producer has been keen to exit the Indian venture as the company hasn't been able to repatriate its earnings due to sanctions, according to local media reports.
Article content
Rosneft expects Nayara to 'take measures to protect the legitimate interests of its shareholders and consumers, which will be supported by the governments of Russia and India,' according to its statement. On Friday, Randhir Jaiswal, a spokesman for India's foreign ministry, said in statement on X that his country 'does not subscribe to any unilateral sanction measures.'
Article content
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Winnipeg Free Press
2 hours ago
- Winnipeg Free Press
Zohran Mamdani visiting Uganda during NYC mayoral campaign
NEW YORK (AP) — New York City Democratic mayoral nominee Zohran Mamdani is visiting his native country of Uganda to celebrate his recent marriage, taking a short break from the campaign trail ahead of the November election. Mamdani announced the visit in a video posted to social media on Sunday and said he would return to the city by the end of July. The trip comes as Mamdani, a 33-year-old member of the state Assembly, is facing a crowded field of opponents in the city's general election, including former Gov. Andrew Cuomo and incumbent Mayor Eric Adams, who are both running as independent candidates. In his video, Mamdani joked that he had decided to heed the 'consistent advice' of some of his critics online who have told him to return to Africa, showing a screen full of posts that called for him to leave the U.S. 'I hear you, and I agree: I'm going back to Uganda,' he said. 'I'm headed there in a personal capacity to celebrate Rama and I's marriage with our family and friends.' 'But I do want to apologize to the haters, because I will be coming back,' Mamdani added. Mamdani announced his marriage to Rama Duwaji, an animator and illustrator, earlier this year. He was born in Kampala, Uganda to Indian parents and moved to New York when he was 7, becoming naturalized as an American citizen in 2018. Mamdani defeated Cuomo in the city's Democratic primary election but Cuomo later relaunched his campaign to run as an independent candidate. Adams is a Democrat but skipped this primary to instead run as an independent because of the political fallout over his now-dismissed federal corruption case. Jim Walden, a former prosecutor, is also running as an independent. Curtis Sliwa, the founder of the anti-crime Guardian Angels patrol group, is running on the Republican line.
Toronto Sun
5 hours ago
- Toronto Sun
Canada, UK, France and 22 other countries say war in Gaza ‘must end now'
The U.S. and Germany did not sign the statement Published Jul 21, 2025 • Last updated 10 minutes ago • 2 minute read Smoke and flames erupt from an Israeli airstrike in Gaza City, Monday, July 21, 2025. Photo by Jehad Alshrafi / AP LONDON — Twenty-five countries including Canada, Britain, France and a host of European nations issued a joint statement on Monday saying the war in Gaza 'must end now' and Israel must comply with international law. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The foreign ministers of countries including Australia and Japan said 'the suffering of civilians in Gaza has reached new depths' and condemned 'the drip feeding of aid and the inhumane killing of civilians, including children, seeking to meet their most basic needs of water and food.' 'The Israeli government's aid delivery model is dangerous, fuels instability and deprives Gazans of human dignity,' the statement said. 'The Israeli government's denial of essential humanitarian assistance to the civilian population is unacceptable. Israel must comply with its obligations under international humanitarian law,' it added. The signatories included the foreign ministers of about 20 European countries as well as Canada, Australia and New Zealand, and the EU commissioner for equality, preparedness and crisis management. This advertisement has not loaded yet, but your article continues below. The U.S. and Germany did not sign the statement. The signatories called for an immediate ceasefire, adding they are prepared to take action to support a political pathway to peace in the region. Gaza's population of more than 2 million Palestinians is in a catastrophic humanitarian crisis, now relying largely on the limited aid allowed into the territory. Many people have been displaced multiple times. Hamas triggered the war when militants stormed into southern Israel on Oct. 7, 2023, killing around 1,200 people and taking 251 others hostage. Fifty remain in Gaza, but fewer than half are thought to be alive. Israel's military offensive has killed more than 59,000 Palestinians, according to Gaza's Health Ministry. Its count doesn't distinguish between militants and civilians but the ministry says more than half of the dead are women and children. The ministry is part of the Hamas government, but the U.N. and other international organizations see it as the most reliable source of data on casualties. Israel and Hamas have been holding ceasefire talks in Qatar. Israeli Prime Minister Benjamin Netanyahu has repeatedly asserted that expanding Israel's military operations in Gaza will pressure Hamas in negotiations. Toronto & GTA Uncategorized Editorial Cartoons Canada Football
Toronto Star
5 hours ago
- Toronto Star
UK, France and 23 other countries say the war in Gaza ‘must end now'
LONDON (AP) — Twenty-five countries including Britain, France and a host of European nations issued a joint statement on Monday saying the war in Gaza 'must end now' and Israel must comply with international law. The foreign ministers of countries including Australia, Canada and Japan said 'the suffering of civilians in Gaza has reached new depths' and condemned 'the drip feeding of aid and the inhumane killing of civilians, including children, seeking to meet their most basic needs of water and food.'
