Latest news with #VadinarRefinery
Russia Today
21-07-2025
- Business
- Russia Today
EU sanctions on Indian refinery ‘unjustified and illegal'
Rosneft has denounced the EU's decision to impose sanctions on India's second largest refinery, calling it 'unjustified and illegal.' On Friday, the bloc announced sanctions on the Vadinar refinery, which is owned by Nayara Energy, an Indo-Russian joint venture in which Rosneft has a 49% stake. 'Rosneft Oil Company considers the European Union's decision to impose restrictive measures on the Indian refinery of Nayara Energy as unjustified and illegal,' the company said in a statement on Sunday. '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 Russian oil major added that the sanctions on Nayara Energy are another example of the EU's unfair competition practices. Mind Your Double Standards! Which Nations Will the EU's New Sanctions Impact for Exports from India?The EU of course! The Global Trade Research Initiative highlights a select few nations are exempt from receiving third party Russian petroleum products - including the US, UK,… Announcing its 18th package of sanctions on Russia over the Ukraine conflict on Friday, the EU also imposed punitive measures on India's flag registry, the official list of all the ships that fly a country's flags. The Vadinar refinery has an annual capacity of 20 million tons. The EU is a major buyer of Russian crude refined at Vadinar, according to media reports. Rosneft clarified that it does not hold a controlling stake in Nayara, as it owns less than 50% of the company's authorized capital. Calling the sanctions on Nayara 'far-fetched and false in content,' it said the company is an Indian entity, taxed in India, with profits reinvested in India's refinery, petrochemical, and retail network. 'The imposition of sanctions against the refinery directly threatens India's energy security and will have a negative impact on its economy,' Rosneft added. In a statement on Friday, the Indian Foreign Ministry said New Delhi 'does not subscribe to any unilateral sanction measures' and is a 'responsible actor' in the global energy sector.
The Print
19-07-2025
- Business
- The Print
There should be no double standards on energy trade: India on EU sanctions targeting Russian energy sector
The measures also included reduction of the oil price cap from USD 60 to about USD 48 a barrel and the designation of the Vadinar Refinery, in which Russian energy firm Rosneft has a major stake. The 18th package of sanctions by the 27-nation EU included a set of measures largely aimed at curbing the revenues of Russia's oil and energy sector, such as an import ban on refined petroleum products made from Russian crude oil and coming from any third country. New Delhi, Jul 18 (PTI) India on Friday said it does not subscribe to any unilateral sanctions and called for ending double standards in energy trade after the European Union (EU) unveiled new punitive measures targeting the Russian energy sector that included restrictions on the Vadinar refinery in Gujarat. Hours after the EU announced the new measures, India said there should be 'no double standards', especially when it comes to energy trade. 'India does not subscribe to any unilateral sanction measures. We are a responsible actor and remain fully committed to our legal obligations,' External Affairs Ministry spokesperson Randhir Jaiswal said. 'The government of India considers the provision of energy security a responsibility of paramount importance to meet the basic needs of its citizens,' he said. Jaiswal also said, 'We would stress that there should be no double standards, especially when it comes to energy trade.' The EU's foreign and security policy chief Kaja Kallas said on social media that the bloc had approved 'one of its strongest sanctions packages against Russia to date'. The new sanctions include a lower oil price cap, the designation of the 'biggest Rosneft refinery in India', and measures aimed at 105 more shadow fleet ships. 'Each sanction weakens Russia's ability to wage war. The message is clear: Europe will not back down in its support for Ukraine. The EU will keep raising the pressure until Russia ends its war,' Kallas said. A statement by the EU said it was agreed on a significant set of 55 listings, consisting of 14 individuals and 41 entities responsible for actions 'undermining or threatening' the territorial integrity, sovereignty and independence of Ukraine. 'The EU is lowering the price cap for crude oil from USD 60 to USD 47.6 per barrel, to align it with current global oil prices and is introducing an automatic and dynamic mechanism to modify the oil price cap and ensure that this price cap is effective,' the bloc said. It said oil exports still represent one-third of the Russian government's revenues. 'Full-fledged sanctions target Russian and international companies managing shadow fleet vessels, traders of Russian crude oil and a major customer of the shadow fleet — a refinery in India with Rosneft as its main shareholder,' the EU said. The EU was referring to Nayara Energy's Vadinar refinery in Gujarat. Russian energy giant Rosneft has a 49.13 per cent stake in the refinery. 'For the first time, the EU is also listing the captain of a shadow fleet vessel, as well as a private operator of an international flag registry. Lastly, one entity in the Russian LNG sector is also included in today's listings,' the EU said. It also introduced an import ban on refined petroleum products made from Russian crude oil and coming from any third country — with the exception of Canada, Norway, Switzerland, the United Kingdom and the United States. PTI MPB NSD NSD This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
