Leadership Shakeup at Nayara Energy Amid EU Sanctions Fallout

In the wake of European Union sanctions targeting Nayara Energy, the Russian-affiliated Indian refiner has appointed Sergey Denisov as its new chief executive officer, sources revealed on Friday. The move follows the resignation of Alessandro des Dorides and marks a significant change for the company after the EU's latest sanctions against Russia over its conflict in Ukraine.

Reports from Reuters indicate that a tanker carrying Russian Urals crude was recently diverted from Nayara's Vadinar port, further adding to the operational disruptions. Two other tankers reportedly bypassed loading refined products from the site, highlighting the broader impact of the sanctions. Nayara, based in Mumbai, made the decision to elevate Denisov during a board meeting on Wednesday.

Ongoing tensions have arisen as Nayara and other Indian entities stress the perceived unfairness of EU sanctions. Despite a public outcry, Rosneft, a major shareholder in Nayara, has also denounced the sanctions as both unjustified and illegal. As India remains a primary importer of Russian oil post-invasion, Nayara continues to contend with evolving geopolitical and economic challenges.

(With inputs from agencies.)