India’s Nayara fallout

The EU’s Russia sanctions could have far-reaching implications for India’s Vadinar-based refinery

India’s 400,000-b/d Nayara Energy refinery, located in Vadinar, finds itself at the centre of deepening geopolitical tension. It is facing operational and commercial challenges due to the European Union (EU)’s latest sanctions targeting Russia and associated entities. Russia’s biggest oil company, Rosneft, has a 49.13% stake in the refinery. Nayara, along with its backers in India and Russia, has condemned the EU move and asserted that the refinery primarily serves the domestic Indian market. While it is too early to assess the long-term implications of the measure, there are increasing signs that its business partners are pulling back, impacting its ability to export and raise international