Photo of oil and gas refinery by ToppyBaker, Shutterstock
(Bloomberg) —
EU-sanctioned refiner Nayara Energy, part-owned by Russian oil major Rosneft PJSC, has asked the Indian government for help securing vessels to transport products locally after domestic shipowners stopped working with the company, according to a senior government official.
Indian shipping companies pulled out of existing arrangements because protection and indemnity clubs refused to offer insurance coverage for their voyages, the person said, echoing comments made to Bloomberg News earlier. P&I clubs are dominated by Europe-headquartered entities that have to adhere to EU sanctions.
Nayara was sanctioned by the European Union last month. Since being blacklisted, Nayara has sought advance payment or letters of credit even before its fuel shipments are loaded and has cut run rates at its operation. Ships have diverted away from its terminal.
The official said meetings within relevant ministries would be held shortly to find a solution. He declined to be named due to the sensitivity of the matter.
Nayara Chairman Prasad Panicker, who met Shipping Minister Sarbananda Sonowal and other ministry officials earlier on Thursday, declined to comment.
© 2025 Bloomberg L.P.
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