Indian banks are finally bending to the Western pressure and this was evident after HDFC Bank and a slew of foreign banks stopped offering trade credit for oil imports to Nayara Energy. Nayara is 49% owned by Rosneft of Russia, which is a sanctioned company. Nayara imports crude worth $1 billion monthly for its 400,000 bpd Vadinar refinery in Gujarat. Banks stopped opening and confirming LCs, a standard form of payment guarantee in oil.
Indian banks are finally bending to the Western pressure and this was evident after HDFC Bank and a slew of foreign banks stopped offering trade credit for oil imports to Nayara Energy. Nayara is 49% owned by Rosneft of Russia, which is a sanctioned company. Nayara imports crude worth $1 billion monthly for its 400,000 bpd Vadinar refinery in Gujarat. Banks stopped opening and confirming LCs, a standard form of payment guarantee in oil.