Latest news with #Russia-based
Indian Express
a day ago
- Business
- Indian Express
Rosneft-backed Nayara Energy sues Microsoft after it suspends services following EU sanctions on refiner
Russian oil major Rosneft-backed refiner Nayara Energy has moved the Delhi High Court against Microsoft after the latter stopped providing services to the company as it came under the European Union's sanctions. In a statement on Monday, Nayara Energy said that Microsoft is 'currently restricting Nayara Energy's access to its own data, proprietary tools, and products—despite these being acquired under fully paid-up licenses'. 'This decision, based solely on Microsoft's unilateral interpretation of recent European Union (EU) sanctions, sets a dangerous precedent for corporate overreach and raises serious concerns regarding its implications on India's energy ecosystem. The company has filed a petition before the Honorable High Court of Delhi seeking an interim injunction and resumption of services to safeguard its rights and ensure continued access to essential digital infrastructure. These steps are aimed at preventing any potential disruption to Nayara's ability to meet its obligations to Indian consumers and stakeholders,' Nayara Energy said. The EU on July 18 announced that it was sanctioning Nayara Energy, in which Russian oil giant Rosneft holds 49.13 per cent stake, as part of its tranche of actions in the latest bid to force the Kremlin's hand to end the war in Ukraine. The sanctions mean that Nayara Energy would not be able to export petroleum fuels and products to Europe, and potentially hit any of its dealings with European companies. It could also hit Rosneft's plan to exit Nayara as the EU sanctions could spook prospective investors. Nayara Energy owns and operates a 20-million-tonnes-per-annum oil refinery in Gujarat's Vadinar, and has a network of around 6,800 fuel retail outlets. It accounts for around 8 per cent of India's total refining capacity and 7 per cent of the country's fuel retail network. Nayara Energy primarily caters to the domestic market through its own retail network, institutional sales, and partnerships with other oil marketing companies. The company—formerly Essar Oil—was earlier part of the Essar group. It was renamed as Nayara Energy after a group of investors including Rosneft acquired it from the Essar group. Like Rosneft, Kesani Enterprises—a consortium led by Italy's Mareterra and Russia-based United Capital Partners (UCP)—hold 49.13 per cent stake in the company. While owned by a group of international investors—mainly from Russia—Nayara maintains that it is an Indian company governed by Indian law. 'While the sanctions originate exclusively from the EU, Microsoft—a US-headquartered corporation—has chosen to withdraw services from Nayara Energy without any legal requirement to do so under US or Indian law. This action has been taken unilaterally, without prior notice, consultation or recourse, and under the guise of compliance. Such moves signal a worrying trend of global corporations extending foreign legal frameworks into jurisdictions where they have no applicability,' Nayara Energy said in its statement Monday. 'All of Nayara Energy's operations are fully compliant with Indian laws and regulations, and the company remains in regular engagement with Indian authorities to ensure transparency and accountability…Despite these external challenges that Nayara Energy is currently facing, we remain fully committed to ensuring uninterrupted service and supply to India's energy demands,' the refiner added. Sukalp Sharma is a Senior Assistant Editor with The Indian Express and writes on a host of subjects and sectors, notably energy and aviation. He has over 13 years of experience in journalism with a body of work spanning areas like politics, development, equity markets, corporates, trade, and economic policy. He considers himself an above-average photographer, which goes well with his love for travel. ... Read More
Hamilton Spectator
5 days ago
- Sport
- Hamilton Spectator
Who is Michael McLeod?
Unlike the other players in this trial, McLeod was facing two charges — sexual assault, and being a party to sexual assault. He was alleged to have encouraged his teammates to engage in sexual activity with the complainant when he knew she wasn't consenting — allegations he has now been found not guilty of. McLeod spent four seasons in the NHL with the New Jersey Devils and was granted an 'indefinite leave of absence' in January 2024 when he was charged by London police. In August 2024, McLeod signed a one-year contract with a Kazakhstan team in the Russia-based KHL. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
The Print
18-07-2025
- Business
- The Print
In 18th sanctions package against Russia, EU targets Rosneft's India refinery, cuts price cap on crude
The statement added: 'For the first time, we're designating a flag registry and the biggest Rosneft refinery in India. Our sanctions also hit those indoctrinating Ukrainian children. We will keep raising the costs, so stopping the aggression becomes the only path forward for Moscow.' '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,' read the statement of Kaja Kallas, the EU's High Representative for Foreign Affairs and Vice President (HRVP) on X. New Delhi: The European Union Friday agreed to sanction Russia-based Rosneft's largest refinery in India, targeting Russia's shadow fleet, while reducing the price cap on Russian crude, and also potentially taking aim at refined oil products—which could impact over 16 percent of India's exports to the continent. We are standing firm. The EU just approved one of its strongest sanctions package against Russia to date. 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. (1/3) — Kaja Kallas (@kajakallas) July 18, 2025 The 18th sanctions package originally proposed to also target the 're-export' of refined oil products based on Russian crude, which the bloc has an issue with, as pointed out EU's envoy to India Hervé Delphin Thursday. 'In a way, we never prevented anyone from buying oil from Russia. Good for India if it had bought Russian oil at discounted prices because that makes it more affordable for you. That is not the problem. For us, what is the problem is that indeed reducing the capping is about reducing the revenues,' he said, while speaking at Delhi's Ananta Centre. Delphin added: 'Now the new sanctions package will also address the question of refined oil products. It is true in the context of business there were market opportunities created, whereby India, which has never been historically an exporter of refined products towards Europe, has become one. But it is an artificial situation created by the capping.' In the 2024-2025 financial year, India exported roughly $16.5 billion worth of petroleum goods to Europe, according to data from the MInistry of Commerce and Industry. The amount is around a quarter less than the previous year, with exports of around $22.5 billion worth of petroleum products to the continent. However, the export of these products makes up the largest chunk of India's exports to the Netherlands, a member of the EU, with roughly $13.2 billion worth of goods exported in 2024-2025—roughly 58 percent of total exports to the country—according to data released by the Ministry of Commerce and Industry. The total exports of petroleum products (HS Code: 27) made up roughly 16.83 percent of India's total exports to Europe in the last financial year. The EU taking aim at refined oil products based on Russian crude could impact its overall exports to the continent. While India's overall exports to the EU member-states stood at roughly $75 billion in the last fiscal year, India's exports of goods to the continent stood roughly at $98 billion with the rest of Europe included. Meanwhile, India's imports of Russian crude continued to increase, touching $56 billion in the last financial year (2024-2025), which was 4.8 percent higher than the previous year, when the total stood at roughly $54.23 billion, according to commerce ministry data. 'The oil market by the way has elasticity, and there is a good supply. It is not as if it corners India in a way that it cannot have alternatives. Even with a lower cap, it puts India in a better position to bargain for a cheaper oil price [with Russia]. There are opportunities for India itself, I am not talking about the re-export of refined products, which is an issue for us,' said Delphin. The EU passed the 18th sanctions package, after hectic parlays with Slovakia, which had held it up the previous two days. The package is linked to the bloc's planned phasing out of Russian energy by 2027. Without unanimity among member states, the EU cannot enforce new sanctions. Also read: US likely to move bill imposing 500% tariffs on nations trading with Russia, including India & China Understanding the G7 price cap The European envoy was clear that the sanctions imposed by the EU in 2022 were never 'designed' to disrupt the global supply of oil, but rather as a means to reduce the amount of 'revenues that would be fed' and 'channeled' in Russia's war economy. Brussels has been looking for ways to apply further economic pressure on Russia as its war with Ukraine has dragged on for over three years. In December 2022, the members of the G7 (US, UK, France, Italy, Germany, Japan, Canada and EU) had announced their intention to introduce price caps on the purchase of Russian crude to $60 per barrel as a means to reduce the overall revenues for Moscow. 'While the EU's ban on importing Russian seaborne crude oil and petroleum products remains fully in place, the price cap will allow European operators to transport Russian oil to third countries, provided its price remains strictly below the cap,' the EU had said in a statement in December 2022 on the implementation of the G7 price cap. However, since then the cost for Brent crude oil has steadily decreased, with it trading around $68 a barrel currently, edging closer to the G7 price cap. The EU, originally in June this year, proposed a further reduction of the price cap to $45 a barrel to ensure the sanctions remain effective in curbing Russia's oil exports. Roughly a third of Russian government revenues continue to be earned from the sale of crude. In the latest package, the EU has agreed to a floating price cap on Russian crude, ensuring that it remains 15 percent below the market price. According to Reuters, the new price cap, for which third countries, including India, could purchase Russian crude, will be reduced to $47.6 a barrel. The floating price cap would be revisited every three months based on the average prices. The UK and the EU have been pushing for the new caps, which has found no support from the US under incumbent President Donald J. Trump. (Edited by Mannat Chugh) Also read: Our diplomacy anchored in national interest—Hardeep Singh Puri defends India's purchase of Russian oil
Indian Express
14-07-2025
- Indian Express
100 phone numbers, e-commerce and UPI platforms: how Delhi Police tracked gang which cheated woman of Rs 11 lakh through Telegram ‘paid task scam'
The Delhi Police said they have busted a Telegram 'paid task' scam allegedly being operated by an Indian medical student in Russia after tracing two chains of bank accounts wiring the money to the accused, and arrested five people. According to the Delhi Police, they arrested Kartik Saini, 20; Varun Kumar, 21; Sharim Khan, 20; Humaid Khan, 20; and Suhail Saifi, 20, after conducting raids in Uttar Pradesh's Meerut and Muzzafarnagar. The police said all of them were allegedly on the payroll of the Russia-based MBBS student Sameer Malik. According to the police, the case came to light when a woman from Shastri Nagar filed a complaint on the National Cybercrime Reporting Portal (NCRP) claiming that she lost Rs 11 lakh while doing 'paid tasks' for a Telegram channel. 'During the inquiry, the victim said she came across a link on Telegram promoting paid tasks. She was promised money for writing reviews and liking videos,' Raja Banthia, Deputy Commissioner of Police (North), said. The fraudsters told the woman that she had earned money through these tasks, but she would have to pay upfront as proof of her legitimate bank account credentials to receive the amount. 'She was then told that she would have to transfer different amounts to different accounts as the money she had earned would be transferred to her through different accounts,' a police officer said. The woman was made to pay Rs 11 lakh in different accounts. Out of the Rs. 11 lakh, Rs 2.75 lakh were transferred using Varun Kumar's chain of accounts, and Rs. 2.80 lakh were credited to accounts maintained by Humaid Khan, who also transferred Rs 1 lakh to Saifi in his account for his services, the police said. A team — under Inspector Rohit Gahlot, SHO, Cyber Police Station, and Inspector Manish Kumar — tracked the phone numbers used to send the links through Telegram. The Call Detail Record (CDR) details of these phone numbers showed that they contacted more than 100 numbers, with the police tracking all of them along with their online and offline activities. 'Hundred mobile numbers and IMEIs were tracked, and a thorough search of the money trail among several bank accounts was continuously carried out. Access details from e-commerce and UPI platforms such as PhonePe, Paytm, Rapido, Porter, Swiggy, Zomato, and Bluedart were also taken,' said Banthia. Four common numbers were identified during the tracking, which sent most of the links and were also contacting each other. The location of those numbers led the police to Meerut in Uttar Pradesh. On June 25, the police got hold of Kartik Saini and Varun Kumar after a raid in Meerut. 'Kartik Saini disclosed that he opened accounts and provided all the net banking IDs, passwords, corporate IDs, and account-linked SIMs to Varun Kumar, and got Rs. 8,000 for each account. Varun Kumar disclosed he provided the details of these accounts to a man named Yash, for a commission of 5 per cent on each transaction,' Banthia said. Yash, the police said, was working for Malik, who was orchestrating the fraud. Yash would get the scammed amount transferred to the accounts given by Varun, who would then ask Kartik to encash it. Varun would then take the cash and transfer the amount to Yash using USDT. Yash would send the same to Russia, the police said. The police said the money trail led them to another chain of accounts at play in the alleged scam. Following the trail of the money, the police discovered phone numbers linked to Muzzafarnagar, and on July 7, they arrested Sharim Khan, Humaid Khan, and Suhail Saifi during a raid. 'Sharim Khan and Suhail Saifi disclosed that they opened accounts and provided all the details of the bank account to Humaid Khan,' DCP Banthia said. Humaid, the police said, was again wiring the amount to Sameer in Russia, just like Varun. With more than half of the complainant's amount still untraced, the police said other factors could also be at play, and that an investigation is going on.
Scoop
09-07-2025
- Business
- Scoop
Sanctioning Malicious North Korean Cyber Actors
July 8, 2025 The United States is imposing sanctions on Song Kum Hyok, a North Korean cyber actor associated with the U.S.-designated North Korea hacking group Andariel. Song was involved in in malicious cyber-enabled activities, which included an illicit information technology (IT) worker scheme. He is also linked to an attempted hack of the U.S. Department of the Treasury. We are also imposing sanctions on Russia-based facilitator Gayk Asatryan and four entities – two Russian and two North Korean – all involved in deploying IT workers internationally to generate revenue for the North Korean government. The Democratic People's Republic of Korea deploys IT workers who obfuscate their identities, often through identity theft of U.S. persons, to fraudulently obtain employment at unwitting foreign firms. The North Korea regime uses revenue generated by these workers to support its unlawful weapons of mass destruction and ballistic missile programs. Today's sanctions are part of the U.S. government's efforts to combat North Korean cyber espionage and revenue generation. We will continue to take action against malicious cyber actors who attempt to undermine U.S. national security or the U.S. financial sector. The U.S. Department of State's Rewards for Justice program (RFJ) is offering a reward of up to $10 million for information leading to the identification or location of any person who, while acting at the direction or under the control of a foreign government, engages in certain malicious cyber activities against U.S. critical infrastructure in violation of the Computer Fraud and Abuse Act. RFJ is also offering a reward of up to $5 million for information leading to the disruption of financial mechanisms of persons engaged in certain activities that support North Korea, including the exportation of its workers to generate revenue. The Department of the Treasury's actions were taken pursuant to Executive Order (E.O.) 13694, as amended; E.O. 13722; and E.O. 13810. For more information, see Treasury's press release, the State Department's RFJ website, Department of Justice's press release, and the Cybersecurity and Infrastructure Security Agency cybersecurity advisory.
