Significant dealers and banks broke relations with the Russian-backed Indian refiner Nayara Energy: sources


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As a result of Western sanctions over Russia’s invasion of Ukraine, many international oil merchants and banks have stopped doing business with Indian refiner Nayara Energy, a Rosneft affiliate, according to two people with knowledge of the situation who spoke to Reuters.

As part of the international response to what Russia calls its “special military action” against Ukraine, sanctions have not been imposed on Nayara per se, but they have been against Rosneft.

The second-largest private refiner in India, Nayara, is owned by the Russian oil behemoth to the tune of 49%, while Kesani Enterprises Co Ltd, a partnership between Trafigura Group and Russia’s UCP Investment Group, holds 49.13%.

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