Rosneft-Backed Nayara Seeks Advance Payments After Sanctions

An Indian refinery part-owned by Russia’s Rosneft PJSC tightened conditions for selling products after the European Union imposed sanctions on the company, highlighting the fallout for the processor, its customers, and the wider market from the tougher restrictions.

Nayara Energy Ltd. said it was seeking advance payment or a documentary letter of credit, before loading a shipment of naphtha next month, according to a revised tender document seen by Bloomberg. An earlier tender had no such requirements.