New Delhi: Moscow-headquarteredRosneft Oil Firm on Sunday described the European Union’s (EU) newest sanction on Nayara Power’s 20-million tonne refinery in Vadinar, Gujarat as “unjustified and unlawful”.
“The Nayara Power refinery is a strategically essential asset for the Indian vitality trade, offering a secure provide of petroleum merchandise to the nation’s home market,” the Russian state-owned vitality main mentioned in a press release on Sunday. “The imposition of sanctions towards the refinery instantly threatens India’s vitality safety and could have a adverse affect on its financial system.”
Rosneft additionally mentioned that Nayara Power–during which it holds 49% stake–will take steps to guard the pursuits of its shareholders and customers. “We’re relying on the truth that Nayara Power will take measures to guard the authentic pursuits of its shareholders and customers, which might be supported by the governments of Russia and India,” it mentioned.
Rosneft emphasised that it isn’t a controlling shareholder of Nayara Power–the corporate’s share within the approved capital of the enterprise is lower than 50%. The enterprise is managed by an impartial board of administrators, it mentioned.
EU sanctions
On Friday, in an try to focus on Russia’s skill to lift revenues from its oil and vitality sector because it wages struggle with Ukraine, the EU unveiled sanctions on Nayara’s Vadinar refinery and likewise lowered the value cap on Russian oil by 15% to $47.6 per barrel from $60. Amongst different steps, it additionally imposed sanctions on extra ‘shadow fleet ships’, that are largely used for shifting crude oil from Russia.
Rosneft’s assertion on Sunday additional mentioned that the EU’s grounds for imposing sanctions are utterly far-fetched and false in content material. Nayara Power is an Indian authorized entity whose financial exercise is aimed on the improvement of its asset. The entity is taxed solely in India, it mentioned, whereas including that Nayara Power shareholders have by no means obtained dividend funds and the accrued income have been used solely for the event of the refinery and petrochemicals and the corporate’s retail community in India.
The assertion added that these sanctions are examples of extraterritorial implementation of politically motivated restrictions that blatantly violate worldwide regulation and infringe on the financial pursuits of a sovereign state.
To make sure, Nayara has the most important non-public sector retail gas community of the nation with about 6,500 gas bunks, out of the entire of about 90,000 petrol pumps in India–a market dominated by state-owned oil and gasoline firms.
The assertion additional mentioned such actions of the EU reveal full disregard not just for worldwide regulation, but in addition for the sovereignty of third nations.
“Rosneft views these sanctions as a part of the EU’s harmful coverage aimed toward destabilizing world vitality markets. The restrictions on Nayara Power are one more instance of the EU’s use of unfair competitors practices,” mentioned the Russian vitality main.
The assertion by the Council of European Union had additionally mentioned on Friday: “The bloc will ban the import of “refined petroleum merchandise produced from Russian crude oil and coming from any third nation – except Canada, Norway, Switzerland, the UK and the US – thereby stopping Russia’s crude oil from reaching the EU market via the again door”.
Following the EU’s transfer, Randhir Jaiswal, spokesperson of the ministry of exterior affairs, mentioned in a press release late on Friday evening that India doesn’t subscribe to any unilateral sanction measures. “We’re a accountable actor and stay totally dedicated to our authorized obligations,” he mentioned.
The MEA spokesperson mentioned that the federal government of India considers the availability of vitality safety a duty of paramount significance to satisfy the essential wants of its residents. “We might stress that there ought to be no double requirements, particularly relating to vitality commerce,” Jaiswal added.
