EU sanctions against India's Nayara 'unjustified,' Rosneft says
(Bloomberg) — Newly imposed European sanctions against India's Nayara Energy refinery are 'unjustified and illegal,' according to Russian oil major Rosneft PJSC that co-owns the facility.
Article content
The European Union on Friday adopted the 18th package of restrictions targeting Russia and its oil trade in condemnation of the invasion in Ukraine. The measures included sanctions against the Indian crude-processing facility, in which Rosneft holds 49.13%, as the bloc seeks to reduce the Kremlin's energy revenues that have been supported by Russian crude exports to India.
Article content
Article content
Article content
Nayara Energy 'is taxed entirely in India,' Rosneft said in a statement on its website on Sunday. '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.
Article content
Article content
The ownership of Nayara is currently split between Rosneft and investment consortium SPV Kesani Enterprises Co., while the remaining shares are held by retail investors. The Russian oil producer has been keen to exit the Indian venture as the company hasn't been able to repatriate its earnings due to sanctions, according to local media reports.
Article content
Rosneft expects Nayara to 'take measures to protect the legitimate interests of its shareholders and consumers, which will be supported by the governments of Russia and India,' according to its statement. On Friday, Randhir Jaiswal, a spokesman for India's foreign ministry, said in statement on X that his country 'does not subscribe to any unilateral sanction measures.'
Article content
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Winnipeg Free Press
5 hours ago
- Winnipeg Free Press
In Epstein furor, Trump struggles to shake off a controversy his allies once stoked
WASHINGTON (AP) — Despite the sun bearing down on him and the sweat beading across his face, President Donald Trump still lingered with reporters lined up outside the White House on Friday. He was leaving on a trip to Scotland, where he would visit his golf courses, and he wanted to talk about how his administration just finished 'the best six months ever.' But over and over, the journalists kept asking Trump about the Jeffrey Epstein case and whether he would pardon the disgraced financier's imprisoned accomplice, Ghislaine Maxwell. 'People should really focus on how well the country is doing,' Trump insisted. He shut down another question by saying, 'I don't want to talk about that.' It was another example of how the Epstein saga — and his administration's disjointed approach to it — has shadowed Trump when he's otherwise at the height of his influence. He's enacted a vast legislative agenda, reached trade deals with key countries and tightened his grip across the federal government. Yet he's struggled to stamp out the embers of a political crisis that could become a full-on conflagration. Trump faces pressure from his own supporters The Republican president's supporters want the government to release secret files about Epstein, who authorities say killed himself in his New York jail cell six years ago while awaiting trial for sex trafficking. They believe him to be the nexus of a dark web of powerful people who abused underage girls. Administration officials who once stoked conspiracy theories now insist there's nothing more to disclose, a stance that has stirred skepticism because of Trump's former friendship with Epstein. Trump has repeatedly denied prior knowledge of Epstein's crimes and claimed he cut off their relationship long ago. For a president skilled at manipulating the media and controlling the Republican Party, it has been the most challenging test of his ability to shift the conversation in his second term. 'This is a treadmill to nowhere. How do you get off of it?' said Kevin Madden, a Republican strategist. 'I genuinely don't know the answer to that.' Trump has demanded his supporters drop the matter and urged Republicans to block Democratic requests for documents on Capitol Hill. But he has also directed the Justice Department to divulge some additional information in hopes of satisfying his supporters. A White House official, who insisted on anonymity to discuss internal strategy, said Trump is trying to stay focused on his agenda while also demonstrating some transparency. After facing countless scandals and investigations, the official said, Trump is on guard against the typical playbook of drip-drip disclosures that have plagued him in the past. It's clear Trump sees the Epstein case as a continuation of the 'witch hunts' he's faced over the years, starting with the investigation into Russian interference during his election victory over Democrat Hillary Clinton nearly a decade ago. The sprawling inquiry led to convictions against some top advisers but did not substantiate allegations Trump conspired with Moscow. Trump's opponents, he wrote on social media on Thursday, 'have gone absolutely CRAZY, and are playing another Russia, Russia, Russia Hoax but, this time, under the guise of what we will call the Jeffrey Epstein SCAM.' During the Russia investigation, special counsel Robert Mueller and his team of prosecutors were a straightforward foil for Trump to rail against. Ty Cobb, the lawyer who served as the White House's point person, said the president 'never felt exposed' because 'he thought he had a legitimate gripe.' The situation is different this time now that the Justice Department has been stocked with loyalists. 'The people that he has to get mad at are basically his people as opposed to his inquisitors and adversaries,' Cobb said. It was Trump's allies who excavated the Epstein debacle In fact, Trump's own officials are the most responsible for bringing the Epstein case back to the forefront. FBI Director Kash Patel and his deputy, Dan Bongino, regularly stoked conspiracy theories about Epstein before assuming their current jobs, floating the idea the government had covered up incriminating and compelling information that needed to be brought to light. 'Put on your big boy pants and let us know who the pedophiles are,' Patel said in a 2023 podcast. Attorney General Pam Bondi played a key role, too. She intimated in a Fox News Channel interview in February that an Epstein 'client list' was sitting on her desk for review — she would later say she was referring to the Epstein files more generally — and greeted far-right influencers with binders of records from the case that consisted largely of information already in the public domain. Tensions spiked earlier this month when the FBI and the Justice Department, in an unsigned two-page letter, said that no client list existed, that the evidence was clear Epstein had killed himself and that no additional records from the case would be released to the public. It was a seeming backtrack on the administration's stated commitment to transparency. Amid a fierce backlash from Trump's base and influential conservative personalities, Bongino and Bondi squabbled openly in a tense White House meeting. Since then, the Trump administration has scrambled to appear transparent, including by seeking the unsealing of grand jury transcripts in the case — though it's hardly clear that courts would grant that request or that those records include any eye-catching details anyway. Deputy Attorney General Todd Blanche has taken the unusual step of interviewing the imprisoned Maxwell over the course of two days at a courthouse in Tallahassee, Florida, where her lawyer said she would 'always testify truthfully.' All the while, Trump and his allies have resurfaced the Russia investigation as a rallying cry for a political base that has otherwise been frustrated by the Epstein saga. Trump's director of national intelligence, Tulsi Gabbard, who just weeks ago appeared on the outs with Trump over comments on Iran's nuclear ambitions, seemed to return to the president's good graces this week following the declassification and release of years-old documents she hoped would discredit long-settled conclusions about Russian interference in the 2016 election. The developments allowed Trump to rehash longstanding grievances against President Barack Obama and his Democratic advisers. Trump's talk of investigations into perceived adversaries from years ago let him, in effect, go back in time to deflect attention from a very current crisis. 'Whether it's right or wrong,' Trump said, 'it's time to go after people.' ___ Follow the AP's coverage of the Jeffrey Epstein case at
Winnipeg Free Press
8 hours ago
- Winnipeg Free Press
Soccer players' union hits back at ‘autocratic' FIFA and Infantino in fallout from Club World Cup
The global soccer players' union hit back at FIFA and its president Gianni Infantino on Friday, saying their autocratic style of leadership was harming the rights of its members. 'Football needs responsible leadership, not emperors,' the FIFPRO network said after a meeting of 58 national player unions responded to FIFA pursuing its agenda with unofficial player representatives. 'It needs fewer autocratic monologues and more genuine, inclusive and transparent dialogue,' the union added. FIFA announced two weeks ago it reached a consensus on key issues after Infantino hosted a group of mostly non-recognized officials in New York ahead of the Club World Cup final. The latest rift between soccer's governing body and its players' unions flared while the European Commission in Brussels is considering a formal complaint against FIFA. It was filed by FIFPRO's European division and national leagues in Europe against FIFA's style of governance and decision-making. FIFPRO said FIFA's core agenda included an overloaded global match calendar with too many games for elite players, lack of physical and mental recovery periods and extreme playing conditions. Players at the month-long Club World Cup in the United States reported feeling dizzy and unwell in the heat of daytime games played to appeal to worldwide TV audiences. The 63-game tournament backed by Saudi Arabian money was lucrative for clubs, especially in Europe, though FIFA added it to the schedule without formally consulting players. The tournament, FIFPRO said, was 'celebrated by President Infantino despite being held under conditions that were extreme and inappropriate for any human being, demonstrating a troubling insensitivity to human rights, even when it concerns elite athletes. 'FIFPRO reaffirmed its unwavering commitment to protecting the rights of men and women players — rights which are being seriously undermined by commercial policies imposed by its autocratic system of governance,' the Netherlands-based union said of FIFA. Thursdays Keep up to date on sports with Mike McIntyre's weekly newsletter. 'This is a model that puts the health of players at risk and sidelines those at the heart of the game,' FIFPRO said, adding it was 'unacceptable for an organization that claims global leadership to turn a blind eye to the basic needs of the players.' FIFA was approached for comment. FIFPRO has not had a formal working agreement with FIFA since the previous one expired in 2023. ___ AP soccer:
Canada News.Net
8 hours ago
- Canada News.Net
Hungary opposes turning EUs budget into Ukraines
Budapest has called the European Commissions 2028-2034 spending plan unacceptable and accused it of prioritizing Kiev over the bloc Hungary has rejected the European Commission's proposed long-term budget, calling it a "budget for Ukraine" rather than for the EU. In an interview with RIA Novosti published on Friday, Hungarian Foreign Minister Peter Szijjarto described the 2028-2034 spending plan as "unacceptable," criticizing its focus on aid to Kiev. European Commission President Ursula von der Leyen unveiled the draft last week, outlining nearly €2 trillion ($2.17 trillion) in total spending. The proposal includes around €100 billion ($108 billion) in aid for Ukraine and additional funds tied to its potential EU accession. The budget must be approved unanimously by all 27 member states, giving Hungary the power to block it. "We will not give it support or consent," Szijjarto told RIA Novosti, adding, "this isn't even the budget of the European Union - it's a budget for Ukraine." Budapest has also warned that the draft shifts funds from cohesion policies and agricultural subsidies, which are vital to Central Europe. The proposal could undermine EU food security by forcing farmers out of business and increasing import reliance, Hungarian officials have said. Hungarian Prime Minister Viktor Orban has also denounced the draft budget, warning it could "destroy the EU" and claiming its only purpose is "to admit Ukraine to the EU." He has also cited analysts who estimate up to 25% of the budget could end up being spent on Kiev. Germany has likewise rejected the plan, calling it "unacceptable" amid efforts by EU members to reduce their national deficits. German Chancellor Friedrich Merz has noted that Ukraine is unlikely to even join the bloc before 2034, when the current budget cycle ends. Ukraine has designated EU accession as a national priority. While Brussels has suggested Kiev could join by 2030, all existing members must approve its entry. Hungary, Slovakia, and Poland remain opposed, citing concerns about Ukraine's readiness and its potential financial burden on the bloc. While the Kremlin initially said Ukraine had the sovereign right to join the EU, Russian officials have since hardened their stance, accusing the bloc of undergoing "rabid militarization" and becoming an offshoot of NATO.
