'No Double Standards': India Hits Back At EU Over Rosneft Sanctions
India criticised the EU's sanctions on the Indian Rosneft refinery, stressing no double standards in energy trade.
India on Friday hit back at European Union over its sanctions on the Indian oil refinery of Russian energy giant Rosneft, stressing that there should be 'no double standards," especially when it comes to energy trade.
In a statement, the Ministry of External Affairs (MEA) said India does not subscribe to any unilateral sanction measures.
'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. The Government of India considers the provision of energy security a responsibility of paramount importance to meet the basic needs of its citizens. We would stress that there should be no double standards, especially when it comes to energy trade," said MEA Spokesperson, Randhir Jaiswal.
The European Union on Friday imposed sanctions on the Indian oil refinery of Russian energy giant 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.
'For the first time, we're designating a flag registry and the biggest Rosneft refinery in India," EU foreign policy chief Kaja Kallas said in a post on X.
Rosneft owns 49.13 per cent stake in Nayara Energy Ltd, formerly Essar Oil Ltd. Nayara owns and operates a 20 million tonne a year oil refinery at Vadinar in Gujarat as also over 6,750 petrol pumps.
An investment consortium SPV, Kesani Enterprises Company holds 49.13 per cent stake in Nayara. Kesani is owned by Russia's United Capital Partners (UCP) and Hara Capial Sarl, a wholly-owned subsidiary of Mareterra Group Holding (formerly Genera Group Holding S.p.A.).
EU sanctions means Nayara cannot export fuel such as petrol and diesel to European countries.
'We are standing firm. The EU just approved one of its strongest sanctions package against Russia to date," Kallas said. 'We're cutting the Kremlin's war budget further, going after 105 more shadow fleet ships, their enablers, and limiting Russian banks' access to funding." Among the sanctions announced were ban on Nord Stream pipelines, and a lower cap on price at which Russian can export oil.
(With PTI inputs)
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