Russia's Rosneft says EU sanctions on Indian unit unjustified and illegal
giant
Rosneft
on Sunday termed as unjustified and illegal the sanctions that the EU has slapped on its Indian unit,
Nayara Energy
.
"Rosneft Oil Company considers the European Union's decision to impose restrictive measures on the Indian refinery of Nayara Energy as unjustified and illegal," it said in a statement.
"These sanctions are yet another example of extraterritorial implementation of politically motivated restrictions that blatantly violate
international law
and infringe on the economic interests of a sovereign state."
The European Union on Friday imposed sanctions on the Indian oil refinery of Rosneft and lowered the
oil price cap
, as part of a new raft of measures against Russia over its war in Ukraine.
The fresh sanctions package on Russia included new banking restrictions and curbs on fuels made from Russian crude oil.
The lowered oil price cap - currently set at USD 60 per barrel - means Russia will be forced to sell its crude at reduced rates to buyers like India. As the second-largest purchaser of Russian oil, India stands to benefit from this move. Russian crude currently accounts for nearly 40 per cent of India's total oil imports.
"Rosneft emphasizes that it is not a controlling shareholder of Nayara Energy - the Company's share in the authorized capital of the enterprise is less than 50%," the Russian firm said, adding Nayara is managed by an independent Board of Directors.
Rosneft said the European Union's grounds for imposing sanctions are completely far-fetched and false in content. "Nayara Energy is an Indian legal entity whose economic activity is aimed at the development of its assets. The entity is taxed entirely in India.
"Nayara Energy shareholders have never received dividend payments and the accumulated profits have been used exclusively for the development of the refinery and petrochemicals and the company's retail network in India," it said.
The Nayara Energy refinery is a strategically important asset for the Indian energy industry, providing a stable supply of petroleum products to the country's domestic market.
"The imposition of sanctions against the refinery directly threatens India's energy security and will have a negative impact on its economy," Rosneft said.
"Such actions of the European Union demonstrate 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's use of unfair competition practices," it said.
Rosneft said it is counting on the fact 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.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
22 minutes ago
- Indian Express
Agentic AI to reshape over 10 million jobs in India by 2030: ServiceNow report
India seems to be heading towards its biggest workforce transformation yet. According to the 2025 ServiceNow AI Skills Research, Agentic AI- smart and decision-making AI agents will redefine over 10.35 million jobs in India by 2030. That's not just a number; it's a seismic shift in how we work, learn and lead. From payroll clerks to platform architects, roles across industries are undergoing a quiet revolution. What was once repetitive and rule-based is now being taken over by intelligent agents, allowing humans to focus on strategy, creativity and innovation. In a country with the world's largest youth population, this transformation spells not disruption but opportunity. 'India's AI journey is at a defining moment,' says Sumeet Mathur, SVP & MD, ServiceNow India. 'This is not just about automation, it's about reimagining work itself.' Agentic AI isn't just automating, it's collaborating. Roles such as implementation consultants and system admins are seeing a boost, as AI augments human decision-making rather than replacing it. In fact, sectors like manufacturing (8 million), retail (7.6 million) and education (2.5 million) are expected to see the deepest impact, as AI drives efficiency and redefines workflows. With three million new tech jobs projected in the next five years, India is leading the global charge in AI-led employment growth. Think software developers, data engineers, platform owners, the new heroes of an AI-powered economy. The report also notes that 25% of Indian enterprises are already in the transformation phase, outpacing countries like Singapore and Australia. And with 13.5% of tech budgets now committed to AI, the message is loud and clear: AI is no longer a future experiment, it's today's execution priority. But this acceleration comes with growing pains. Data security remains a top concern and 26% of enterprises are still unclear about the skillsets they'll need. The report urges companies to move beyond reviewing AI outputs and begin interrogating how AI decisions are made- transparently, ethically and collaboratively. The future belongs to those who can adapt. With skills like prototyping, ERP, digital strategy and data pipeline management gaining currency, the emphasis now shifts to reskilling and role reinvention, turning help desk agents into digital transformation leaders and change managers into AI strategists. India's Agentic AI moment isn't just about technology. It's about trust, talent and transformation. And if the data's anything to go by, this isn't just a turning point for India. It's a blueprint for the world. (This article has been curated by Kaashvi Khubyani, who is an intern with The Indian Express.)
The Hindu
22 minutes ago
- The Hindu
Rupee recovers 14 paise from its all-time low to 87.66 against U.S. dollar in early trade
The rupee recovered 14 paise from its all-time low to 87.66 against the U.S. dollar in early trade on Thursday (July 31, 2025) on suspected RBI intervention, after U.S. President Donald Trump's tariffs of 25% and the penalty for buying Russian Crude and Arms. Forex traders said the rupee, which plunged 89 paise, logging its steepest single-day fall in over three years, recovered some lost ground but is trading with a negative bias. At the interbank foreign exchange, the rupee opened at 87.66, then touched an early low of 87.74 against the U.S. dollar. On Wednesday (July 30, 2025), the rupee closed at an all-time low of 87.80 against the U.S. dollar after America announced a sweeping 25% tariff on Indian imports in the absence of a trade deal ahead of the August 1 deadline. "The rupee which is already down by more than 3% since the start of the year after reaching a high of 83.75 in the month of April continued to fall on the news of Trump's tariffs of 25% and the penalty for buying Russian Crude and Arms," said Anil Kumar Bhansali Head of Treasury and Executive DirectorFinrex Treasury Advisors LLP. The dollar index, which gauges the greenback's strength against a basket of six currencies, fell by 0.03 per cent to 99.78. Brent oil prices fell 0.19% to $73.10 per barrel. Meanwhile, the US FED held interest rates steady and signalled it is too early to consider rate cuts, which has supported the dollar throughout the month of July. "With the RBI controlling the rupee intermittently and oil companies on a buying spree of US dollars before the Trump tariffs on Russia are in place after about 10 days, the rupee was unable to make any headway…, " Bhansali added.
&w=3840&q=100)
Business Standard
22 minutes ago
- Business Standard
Triumphant in trade talks, Trump, his tariffs still face challenge in court
President Donald Trump has been getting his way on trade, strong-arming the European Union, Japan and other partners to accept once unthinkably high taxes on their exports to the United States. But his radical overhaul of American trade policy, in which he's bypassed Congress to slam big tariffs on most of the world's economies, has not gone unchallenged. He's facing at least seven lawsuits charging that he's overstepped his authority. The plaintiffs want his biggest, boldest tariffs thrown out. And they won Round One. In May, a three-judge panel of the US Court of International Trade, a specialised federal court in New York, ruled that Trump exceeded his powers when he declared a national emergency to plaster taxes tariffs on imports from almost every country in the world. In reaching its decision, the court combined two challenges one by five businesses and one by 12 US states into a single case. Now it goes on to Round Two. On Thursday, the 11 judges on the US Court of Appeals for the Federal Circuit in Washington, which typically specialises in patent law, are scheduled to hear oral arguments from the Trump administration and from the states and businesses that want his sweeping import taxes struck down. That court earlier allowed the federal government to continue collecting Trump's tariffs as the case works its way through the judicial system. The issues are so weighty involving the president's power to bypass Congress and impose taxes with huge economic consequences in the United States and abroad that the case is widely expected to reach the US Supreme Court, regardless of what the appeals court decides. Trump is an unabashed fan of tariffs. He sees the import taxes as an all-purpose economic tool that can bring manufacturing back to the United States, protect American industries, raise revenue to pay for the massive tax cuts in his One Big Beautiful Bill,' pressure countries into bending to his will, even end wars. The US Constitution gives the power to impose taxes including tariffs to Congress. But lawmakers have gradually relinquished power over trade policy to the White House. And Trump has made the most of the power vacuum, raising the average US tariff to more than 18 per cent, highest since 1934, according to the Budget Lab at Yale University. At issue in the pending court case is Trump's use of the 1977 International Emergency Economic Powers Act (IEEPA) to impose sweeping tariffs without seeking congressional approval or conducting investigations first. Instead, he asserted the authority to declare a national emergency that justified his import taxes. In February, he cited the illegal flow of drugs and immigrants across the US border to slap tariffs on Canada, China and Mexico. Then on April 2 Liberation Day,' Trump called it he invoked IEEPA to announce reciprocal' tariffs of up to 50 per cent on countries with which the United States ran trade deficits and a 10 per cent baseline' tariff on almost everybody else. The emergency he cited was America's long-running trade deficit. Trump later suspended the reciprocal tariffs, but they remain a threat: They could be imposed again Friday on countries that do not pre-empt them by reaching trade agreements with the United States or that receive letters from Trump setting their tariff rates himself. The plaintiffs argue that the emergency power laws does not authorise the use of tariffs. They also note that the trade deficit hardly meets the definition of an unusual and extraordinary' threat that would justify declaring an emergency under the law. The United States, after all, has run trade deficits in which it buys more from foreign countries than it sells them for 49 straight years and in good times and bad. The Trump administration argues that courts approved President Richard Nixon's emergency use of tariffs in a 1971 economic crisis. The Nixon administration successfully cited its authority under the 1917 Trading With Enemy Act, which preceded and supplied some of the legal language used in IEEPA. In May, the trade court rejected the argument, ruling that Trump's Liberation Day tariffs exceed any authority granted to the President' under the emergency powers law. The president doesn't get to use open-ended grants of authority to do what he wants,' said Reilly Stephens, senior counsel at the Liberty Justice Center, a libertarian legal group that is representing businesses suing the Trump administration over the tariffs. In the case of the drug trafficking and immigration tariffs on Canada, China and Mexico, the trade court ruled that the levies did not meet IEEPA's requirement that they deal with' the problem they were supposed to address. The court challenge does not cover other Trump tariffs, including levies on foreign steel, aluminum and autos that the president imposed after Commerce Department investigations concluded that those imports were threats to US national security. Nor does it include tariffs that Trump imposed on China in his first term and President Joe Biden kept after a government investigation concluded that the Chinese used unfair practices to give their own technology firms an edge over rivals from the United States and other Western countries.
