Nayara trying to get UCO Bank to bypass EU Sanctions against Russian Petro Transactions

Mumbai, Aug. 16 -- Mumbai-headquartered crude petroleum refiner Nayara Energy Ltd, which is part-owned by Russian energy company Rosneft PJSC, is in talks with union finance ministry officials to process payments for Russian crude oil imports, bypassing sanctions by the European Union (EU), according to market sources.

Nayara executives are working on a plan to get government-owned UCO Bank to process payments for imported Russian crude, since the bank had facilitated similar oil trades with Iran in 2018, sources said.

Nayara Energy Ltd is partly owned by Russian energy giant Rosneft PJSC and it has spoken to union finance ministry officials to get UCO Bank on board.

Rosneft PJSC owns a little over 49 per cent of Nayara, while a 49 per c...