Fresh Trouble For Russia-Backed Nayara Energy! SBI Stops Trade & Foreign Currency Transactions Of Indian Refinery; Doesn't Want To Risk US Tariffs, EU Curbs

Russia-backed Indian refinery Nayara Energy is faced with a fresh challenge. India's largest public sector lender State Bank of India (SBI) has stopped processing international trade and forex transactions for Nayara Energy following recent US tariff hikes. The bank's decision aims to avoid potential sanctions from the US and European Union, a source told ET. US President Donald Trump has announced a 25% additional tariff on India for its crude oil trade with Russia.Nayara Energy was formed after the Rosneft-led purchase of Essar Oil's Vadinar refinery (20 mtpa) in August 2017. The organisation sources crude oil internationally and holds approximately 8% of India's refining capacity, which exceeds 256 MMTPA, ranking second in Asia.