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Nayara Energy seeks new banking partner amid EU sanctions impact
Nayara Energy, a major Mumbai-based refiner partly owned by Russia's Rosneft, is searching for a new Indian banking partner after EU sanctions hit in July 2023.
With big banks getting cautious, Nayara is now eyeing smaller players like UCO Bank to handle payments for oil imports and fuel exports.
Nayara's financial position and talks with the government
Nayara has already talked with India's finance ministry to keep its business running smoothly despite the sanctions.
Even though direct sales to Europe are limited, exports are key to Nayara's revenue.
The company remains financially solid with ₹10,550 crore ($1.2 billion) in reserves as of July 2023.
Rosneft owns nearly half of Nayara, which itself handles about 8% of all oil refining in India—so keeping things steady here really matters.