Rosneft Decries EU Sanctions on Nayara Energy

Rosneft criticizes EU sanctions on its Indian unit, Nayara Energy, calling them unjustified and illegal. The sanctions, part of EU's measures against Russia, include banking restrictions and an oil price cap. Rosneft refutes EU's claims, emphasizing Nayara's independence and its importance to India's energy security.

In a strong statement issued on Sunday, Russian oil giant Rosneft denounced the European Union's sanctions against its Indian subsidiary, Nayara Energy, labeling them as unjustified and illegal.

The EU's decision to impose these sanctions came as part of a broader strategy to penalize Russia over its ongoing conflict in Ukraine, which also included new banking restrictions and a lowered oil price cap, compelling Russia to sell oil at reduced rates.

Rosneft has emphasized that Nayara Energy is independently managed and crucial to India's energy stability, arguing that the EU's actions threaten India's economic interests and undermine international law.

(With inputs from agencies.)