Translation. Region: Russian Federal
Source: Rosneft – An important disclaimer is at the bottom of this article.
PJSC NK Rosneft considers the decision of the European Union to introduce restrictive measures against the Indian Nayara Energy refinery to be unfounded and illegal. These sanctions are another example of the extraterritorial application of politically motivated restrictions that grossly violate international law and infringe on the economic interests of a sovereign state.
Rosneft emphasizes that it is not the controlling shareholder of Nayara Energy – the Company’s share in the authorized capital of the enterprise is less than 50%. The enterprise is managed by an independent Board of Directors.
The EU's reason for imposing sanctions is completely far-fetched and false in content, Nayara Energy is an Indian legal entity whose economic activity is aimed at developing the asset. The company is taxed entirely in India. Nayara Energy shareholders have never received dividends, and the accumulated profits were used exclusively for the development of oil refining and petrochemicals, as well as the company's retail network in India.
The Nayara Energy refinery is a strategically important asset of the Indian energy sector, ensuring stable supplies of petroleum products to the country's domestic market. The introduction of sanctions against the enterprise directly threatens India's energy security and will negatively affect its economy.
Such actions by the EU demonstrate a complete disregard not only for international law, but also for the sovereignty of third countries. Rosneft views these sanctions as part of the EU's destructive policy aimed at destabilizing global energy markets. The restrictions on Nayara Energy are yet another example of the EU using unfair competition practices.
We expect that Nayara Energy will take measures to protect the legitimate interests of its shareholders and consumers, which will be supported by the governments of Russia and India.
Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.
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