Nayara Energy, an Indian refiner part-owned by Russia's Rosneft and newly sanctioned by the European Union, has revised payment terms to sell a spot naphtha cargo in a tender issued on Monday, according to a document seen by Reuters.

The EU’s latest sanctions will force Indian refiners reliant on Russian crude to find new markets, driving up costs for producers and consumers alike.

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