Nayara Energy, an Indian refiner part-owned by Russia's Rosneft and newly sanctioned by the European Union, has revised payment terms to sell a spot naphtha cargo in a tender issued on Monday, according to a document seen by Reuters.

NEW DELHI — In an unprecedented move, the European Union has imposed sanctions on an Indian oil refinery, targeting Nayara Energy’s Vadinar facility in Gujarat over its Russian ownership links. The refinery is partially owned by Russian state-run oil major Rosneft, which holds a 49.1% stake.

As the EU tightens sanctions on Russian oil and fuels, India’s energy security, refinery margins, and $15bn exports to EU stand exposed to geopolitical crossfire