Bloomberg: Indian refinery finds ways to circumvent sanctions

Indian company Nayara Energy, partially owned by Russia’s Rosneft, has found ways to circumvent sanctions and resume exports, Bloomberg reports.

Two months after sanctions brought the Indian refinery to the brink of a crisis, the company is gradually restoring operations. This recovery has been supported by government assistance and the exploration of alternative payment schemes.

The refinery, partially owned by Russian Rosneft, has established cooperation with banks, including the State Bank of India, to conduct transactions in rupees. Earlier, UCO Bank received government approval to work with Nayara and now handles international transactions.

The company is also negotiating with Saudi Arabia and Iraq to resume crude oil purchases. Nayara expects that the absence of U.S. sanctions will allow it to quickly restore supply flows.

By Vugar Khalilov