Major traders, banks cut business ties with Russia-backed Indian refiner Nayara Energy: Sources

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.