Indian authorities have approved UCO Bank to facilitate trade payments for Nayara Energy, a major fuel supplier impacted by EU sanctions, which has disrupted its overseas and domestic operations. While four foreign-flagged ships have been cleared for coastal transport of fuels, Nayara’s ability to conduct dollar transactions remains hindered due to banking restrictions. The bank aims to help Nayara secure payments for crude oil imports and exports of refined products amid concerns from larger financial institutions over sanctions. The situation underscores the challenges faced by Indian companies in navigating international sanctions while ensuring domestic fuel supply continuity.