Nayara Energy, backed by Russian oil major Rosneft, reaffirmed its plan to invest Rs 700 billion in downstream projects while criticising the European Union’s sanctions against it as unjust and contrary to India’s interests.

The company operates a 20 MTPA refinery in Vadinar and manages over 6,750 fuel stations. In its statement, Nayara accused the EU of double standards, citing continued Russian energy imports by European nations.

“The EU’s sanctions jeopardise India’s energy security and disrupt supply to 1.4 billion citizens,” the company said. “We are pursuing all legal means to protect our operations and stakeholders.”

Rosneft holds a 49.13% stake in Nayara, while Kesani Enterprises (UCP and Hara Capital) owns another 49.13%. Nayara asserted it operates in full compliance with Indian law and remains a committed energy provider for the nation.