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Rosneft, co-owner of India's Nayara Energy refinery, denounced the EU's newly imposed sanctions as "unjustified and illegal." The sanctions, part of the EU's 18th package targeting Russia's oil trade following the Ukraine invasion, aim to curb Russia's energy revenues. Rosneft holds a 49.13% stake in Nayara Energy, which has been processing Russian crude oil. The EU's action is intended to pressure Russia by limiting its access to international markets.

Prepared by Christopher Adams and reviewed by editorial team.