CEO of Russia-backed Indian refiner Nayara Energy resigns after E.U. sanctions, sources say

The reshuffle on the prime is the newest disruption for the corporate for the reason that EU introduced a brand new spherical of sanctions final Friday directed at Russia over its warfare in Ukraine.

This week, a tanker carrying Russian Urals crude was diverted away from Nayara’s Vadinar port to unload its cargo at one other port in western India, Reuters reported. That got here after two different tankers skipped loading refined merchandise from Vadinar, Reuters reported.

Mumbai-based Nayara has appointed firm veteran Sergey Denisov as chief government to interchange Alessandro des Dorides, the sources mentioned. Denisov’s appointment was determined at a board assembly on Wednesday, they mentioned.

Nayara Energy didn’t instantly reply to a request for remark.

Des Dorides, who joined Nayara Energy in April 2024, didn’t instantly reply to a message despatched on LinkedIn.

Denisov has been with the corporate since 2017.

Nayara Energy has condemned the EU’s “unjust and unilateral” choice to impose sanctions.

Russia’s Rosneft holds a 49.13% stake in Nayara and the same stake is owned by a consortium, Kesani Enterprises Co Ltd, led by Italy’s Mareterra Group and Russian funding group United Capital Partners.

India, which has turn into the highest importer of seaborne Russian oil within the aftermath of Moscow’s Ukraine invasion, has additionally mentioned it doesn’t help the bloc’s sanctions.e)