**Russia-Backed Indian Refiner Condemns EU Sanctions, Weighs Legal Options**
A major setback for Russia’s energy interests in India. Nayara Energy, a Russian-backed refinery, has strongly condemned the European Union’s (EU) latest sanctions on it. The EU approved its 18th package of sanctions against Russia over its war in Ukraine, which includes penalties on Nayara Energy.
**Nayara Speaks Out**
In a statement, Nayara Energy called the EU’s decision “unjust and unilateral.” The company said it was exploring all legal options to address the situation and protect its interests. This move comes as India has expressed concerns over “unilateral sanctions” imposed by the EU.
**A Significant Stakeholder**
Nayara Energy is a significant player in India’s energy sector, operating a 400,000 barrels per day refinery in western India. The company has lined up substantial investment for projects, including petrochemicals and fuel retail stations. Its Russian connections make it an important asset for the country.
**India’s Stance**
The Indian government has not supported EU-imposed sanctions. Nayara Energy echoed this sentiment, stating that the EU’s move was “an undue extension of authority” that ignores international law and India’s sovereignty.
**Implications**
This development may have far-reaching implications for Russia’s energy interests in India. As tensions between Russia and the West continue to escalate, companies like Nayara Energy find themselves caught in the middle. The situation highlights the complexities of global politics and their impact on businesses operating across borders.
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