The Government of India has criticized the European Union’s sanctions against the Russian Federation, emphasizing that these restrictions are unilateral and impact the operations of the Indian company Nayara Energy. Due to the imposed sanctions, Nayara Energy, which operates one of the largest refineries in the country, is now unable to export gasoline and diesel fuel to EU countries.
This is reported by Finway
India’s Position on EU Energy Sanctions
An official representative of the Indian Ministry of External Affairs, Radhir Jaiswal, shared the government’s position on social media platform X, highlighting that the country does not support unilateral sanctions. India insists on the importance of energy security to meet the basic needs of its citizens and does not agree with sanctions that have not been agreed upon multilaterally.
“The Government of India considers ensuring energy security to be a matter of utmost importance, corresponding to the basic needs of its citizens. India does not endorse unilateral sanctions.”
How EU Sanctions Have Affected Indian Nayara Energy
The European Union has imposed sanctions against Nayara Energy Ltd, which owns a refinery in Vadinar (Gujarat), the second largest in India, as well as nearly 7,000 gas stations. The share of Russian “Rosneft” in Nayara Energy is 49.13%, with an equal amount owned by the consortium Kesani Enterprises, one of whose owners is the Russian group United Capital Partners.
Due to the sanctions, Nayara Energy has lost the ability to supply gasoline and diesel fuel to EU countries. According to Bloomberg, Russian “Rosneft” is considering options to exit its stake in the Indian enterprise, as the sanctions have complicated the repatriation of profits. The situation is further complicated by the non-convertibility of the Indian rupee and capital outflow restrictions currently in place in India.