MUMBAI -- Nayara Energy, an affiliate of Russian energy major Rosneft and owner of the country's second-largest oil refinery, is facing increased finance costs due to Western pressure, even as India works to maintain trade with Russia.
A credit downgrade triggered by sanctions on Russia has already increased interest on some of Nayara's debt. The pressure also threatens to complicate the company's access to financial markets and funding for a new petrochemical plant, which India has touted as part of its Make in India campaign to reduce reliance on imports.
