India’s Nayara Energy, a key private oil refiner backed by Russia, has just gone through a big change. Its CEO, Alessandro des Dorides, has stepped down after the European Union imposed new sanctions targeting the company.
The EU announced fresh sanctions last Friday aimed at Russian-linked businesses due to the ongoing war in Ukraine. Nayara, which has close ties to Russia’s Rosneft, was named in the list. Soon after, sources said, Des Dorides resigned.
He had joined Nayara in April 2024. The company had described him as an experienced energy leader with 24 years in the industry. But his time at the top lasted just over a year.
Now, Nayara has moved quickly. At a board meeting this week, the company named Sergey Denisov as the new CEO. Denisov has been with Nayara since 2017 and was most recently the chief development officer.
This leadership change is just one of many problems Nayara is dealing with. After the EU sanctions, oil shipments have been disrupted. A tanker carrying Russian Urals crude, meant for Nayara’s Vadinar port, was redirected to another port in western India.
Also, two other tankers skipped collecting refined fuel from Vadinar, one of India’s busiest ports. Nayara usually exports around four million barrels of fuel each month.
With rising global pressure, Nayara is focusing more on local sales. It runs over 6,000 fuel stations across India. Still, it continues to be one of India’s biggest buyers of discounted Russian oil, along with Reliance Industries.
The company strongly disagrees with the EU’s decision. It called the sanctions “unjust and unilateral.” Rosneft, which owns 49.13% of Nayara, also criticised the sanctions, calling them “illegal.”
The rest of the company is owned by Kesani Enterprises, a group led by Italy’s Mareterra and Russia’s United Capital Partners.
Nayara’s official website recently removed its leadership team details, and neither the company nor Des Dorides responded to media requests.
India, which has become the top buyer of Russian oil since 2022, has also questioned the EU’s moves. The government supports Nayara’s right to trade energy independently.
Now all eyes are on Sergey Denisov. As sanctions bite and oil routes shift, he’ll need to steer Nayara through global tension, market challenges, and rising scrutiny.
For Nayara, this is more than just a leadership change—it’s a test of how far India’s energy firms can go while keeping close ties with Russia.
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