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.

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

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”.