Sanction-Hit Indian Refiner Nayara Is Clawing Its Way Back (1)

Two months after sanctions plunged Indian refiner Nayara Energy Ltd. into crisis, upending trade and forcing the abrupt exit of its European executives, the company’s operations and sales are recovering, thanks to government support and workarounds.

The refiner — part-owned by Russia’s Rosneft PJSC and arguably the most high-profile Indian company to be hit by comprehensive sanctions — is now working with banks including State Bank of India to facilitate local currency payments, according to people familiar with the matter. They asked not to be named given the sensitivity of the matter. Indian lender UCO Bank had already received government ...