Overview

• The European Commission is advancing a proposal to sanction Nayara Energy, marking the first EU action against an Indian energy actor processing discounted Russian oil
• Rosneft holds a 49.13% stake in the Gujarat refinery, making Nayara a key node in the Kremlin’s energy partnership with India
• EU officials say the move aims to strengthen the G7 price cap and curb shipment evasion through Russia’s shadow fleet
• Rosneft and India’s government have decried the sanctions as unjustified, warning they threaten India’s energy security and defy international law
• India imported €4.2 billion in Russian fossil fuels in May, becoming the second-largest buyer as it capitalizes on steep discounts offered by Moscow