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: Russia-backed Indian refiner Nayara Energy on Monday condemned the European Union’s sanctions on it and said it was exploring legal options against the latest “restrictive measures”.

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