Major traders, banks cut business ties with Russia-backed Indian refiner
NEW DELHI: Many global oil traders and banks have stopped dealing with Indian refiner Nayara Energy, a Rosneft affiliate, as they are worried about Western sanctions over Russia’s invasion of Ukraine, two people with knowledge of the matter told Reuters. Nayara per se has not been sanctioned as part of the international response to what Russia calls its “special military action” against Ukraine but sanctions are in place against Rosneft.
The Russian energy giant owns about 49% of Nayara which is India’s second-largest private refiner, while Kesani Enterprises Co Ltd, a consortium led by Trafigura Group and Russia’s UCP Investment Group, holds 49.13%.
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Most trading firms including Vitol and Glencore as well as producers in Canada, Latin America and Europe have declined to directly sell crude to Nayara, according to one of the people.
The sources were not authorised to speak to the media and declined to be identified.
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