Indian refiner Nayara Energy, part-owned by Russian oil giant Rosneft, could find it harder to raise funds for expansion as a result of Western sanctions in response to Russia's invasion of Ukraine, sources with direct knowledge of the matter said.
"We are cautious even if there is limited exposure and in this case they have a majority Russian exposure via Rosneft and a Cyprus based fund, so it makes sense to put these loan disbursals on hold..