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Investing.com -- Nayara Energy, a Russia-backed Indian refiner, has strongly condemned the European Union’s sanctions against it and announced it is exploring legal options to challenge these measures.
The EU approved its 18th package of sanctions against Russia on Friday, which included restrictions on Nayara Energy, a refinery backed by Russian oil major Rosneft.
"Nayara Energy strongly condemns the European Union’s unjust and unilateral decision to impose restrictive measures on our company," the firm said in a statement.
The company operates a 400,000 barrels per day refinery in western India and has planned investments exceeding 700 billion rupees ($8.1 billion) for projects including petrochemicals and fuel retail station expansion.
Nayara stated it is "actively exploring all legal and appropriate avenues to address this situation" and protect its operations, employees, and stakeholders. The company claimed the EU sanctions have "no legal basis."
Russian oil major Rosneft holds a 49.13% stake in Nayara, while a similar stake is owned by Kesani Enterprises Co Ltd, a consortium led by Italy’s Mareterra Group and Russian investment group United Capital Partners (WA:CPAP).
The company described the EU’s action as "founded on baseless assertions" and an "undue extension of authority that ignores both international law and the sovereignty of India."
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