Indian private refiners that have leveraged cheap Russian crude to boost margins will be forced to find workarounds and rely more on traders to find new markets for their products after the latest round of European Union sanctions,

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

Nayara Energy, backed by Rosneft, has denounced the EU sanctions as unjust and harmful to India's interests, reaffirming its commitment to invest Rs 70,000 crore in downstream projects. The company argues the sanctions threaten India's energy security by disrupting petroleum product supplies.