Nayara Energy Ltd, partly owned by Russian Rosneft, is negotiating with India’s UCO Bank to process payments for Russian crude oil imports, circumventing EU sanctions. After facing reluctance from foreign banks post-sanctions, Nayara aims to leverage UCO Bank’s limited exposure to global markets to facilitate these transactions. The Indian refiners, benefiting from discounted Russian crude, have established alternative mechanisms for trade, including settling payments in rupees through special vostro accounts. This situation highlights India’s strategic efforts to maintain energy ties with Russia while navigating complex geopolitical challenges posed by Western sanctions.