Nayara Energy, the Indian refiner that was slapped with EU sanctions because of its partial ownership by Rosneft, has started to recover from the blow, turning to payments in rupees for the oil it sources from the Russian company. Bloomberg reported that Nayara had sought help from the Indian government and was currently working with local banks, including the State Bank of India, to pay for its crude oil purchases in local currency, according to unnamed sources. Nayara Energy accounts for some 8% of India’s total refining capacity. It operates…
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