Last weekend, the European Union (EU) adopted its 18th package of sanctions against Russia and its oil trade.
The new measures include sanctions against India's Nayara Energy refinery, where Rosneft currently holds a 49.13% stake. Nayara Energy pays the full tax in India, Rosneft stressed.
The Russian oil and gas giant noted that shareholders of Nayara Energy have never received dividends and all of their accumulated profits are used for the development of the company's refinery, petrochemical industry and retail network in India.
nayara currently operates a refinery with a capacity of 400,000 barrels/day and owns nearly 7,000 gas stations across India. The company is also developing an integrated petrochemical complex next to this refinery.
Nayara's current ownership structure is divided between Rosneft and the investment consortium SPV Kesani Enterprises and the remaining shares belong to retail investors.
According to local media, Rosneft has long wanted to withdraw from the joint venture in India due to the inability to transfer profits to Russia due to sanctions.
In a statement responding to the EU sanctions, Rosneft expressed its hope that Nayara would implement measures to protect the legitimate interests of shareholders and consumers, which will be supported by the Russian and Indian governments.
Last week, Spokesperson of the Indian Foreign Ministry Randhir Jaiswal also shared on social network X that India does not support any unilateral sanctions.
