Owners of a number of vessels chartered by Nayara Energy, a company majority-owned by Russian companies, are insisting on terminating their contract with the company. India's Nayara is affiliated with the Rosneft oil company and ranks third among oil refineries in the South Asian country.
UNN reports with reference to an exclusive from Reuters.
Details
The owners of three vessels chartered by the Indian company Nayara Energy have asked to terminate their contracts with the company. The decision is related to the impact of EU sanctions imposed on this oil refinery.
India-based Seven Islands Shipping Ltd and Great Eastern Shipping have asked Nayara to release three tankers from their contracts
New European Union sanctions, unveiled on July 18, target Russia and its energy sector over the Kremlin's war in Ukraine. These sanctions are currently influential enough to affect Nayara's future operations.
Reuters reminds that Nayara was forced to cut production at its 400,000 barrels per day refinery due to fuel storage problems.
Reference
Nayara's controlling stake is owned by Russian companies, including the oil company Rosneft (ROSN.MM).
Recall
UNN previously reported that the US set a condition: India must unload oil from Russian tankers that fell under US sanctions.
The database on the War&Sanctions portal contains information about 626 vessels of the Russian and Iranian "shadow fleet" that provide illegal oil supplies bypassing sanctions. Among them are 20 Russian tankers and 11 Iranian vessels that finance the war and attacks on Ukraine.