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Russia-backed Indian oil refiner Nayara Energy has named Sergey Denisov as its new chief executive, following the resignation of CEO Alessandro des Dorides in the wake of European Union sanctions targeting the company, Reuters reported citing four sources.Denisov, a company veteran who has been with Nayara since 2017, was appointed to the top job during a board meeting held on Wednesday, the report said. He replaces des Dorides, who had taken over the CEO role in April 2024 but stepped down amid growing regulatory pressure linked to Nayara’s ties to Russian oil major Rosneft.The EU had announced sanctions earlier this year over Nayara’s business links, a move the company described as “unjust and unilateral”. New Delhi, too, has distanced itself from the European action, reiterating that it does not endorse sanctions not backed by the United Nations.Earlier this week, the European Union’s latest sanctions on Russian oil began to directly impact Indian refiner Nayara Energy Ltd, as oil firms and shipping operators started distancing themselves from the company. The move followed the EU’s decision to explicitly list Nayara in its latest sanctions package, citing its ties to Russian oil major Rosneft, which holds a 49.13% stake.Shipbrokers reported that vessel operators turned wary of lifting crude or delivering refined products from Nayara this week. According to Bloomberg ship-tracking data, a vessel named Talara reversed course and exited Gujarat’s Vadinar port on Sunday without lifting a planned diesel shipment. Sources said the cargo collection was cancelled in the immediate aftermath of the sanctions.Another ship, the Chang Hang Xing Yun, was seen idling off India’s southwest coast while en route to Vadinar but later diverted to the Arabian Gulf to load for southern Africa. Both diversions were attributed to uncertainty over EU compliance risks, shipbrokers confirmed.Shipping firms based in Greece and Norway—two countries with a major share in global tanker operations—were expected to follow EU directives, analysts said. Greek shippers, in particular, had helped move Russian oil priced below the cap since the Ukraine conflict began in 2022.Market observers said financial institutions and trade partners were also assessing their exposure, and several Indian refiners were reportedly seeking clarity from the EU over restrictions on diesel refined from Russian crude.The redirection of Talara added to concerns about Nayara’s recent policy of requiring advance payments or letters of credit before releasing cargoes. The standard industry practice involves 15–30 day post-loading settlements. Sources said the policy shift indicated unease about payment risks after loading.This change led to hesitation among prospective buyers in Nayara’s future fuel tenders, traders said.
Source: Times of India
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