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Fresh trouble for Russia-backed Nayara Energy! SBI stops trade & foreign currency transactions of Indian refinery; doesn’t want to risk US tariffs, EU curbs
State Bank of India has ceased trade and foreign currency dealings with Nayara Energy due to potential US sanctions, prioritizing compliance with international rules. This decision, made after recent US tariff hikes and EU sanctions, impacts Nayara's international transactions. Nayara is now seeking alternative arrangements with domestic institutions like UCO Bank to navigate these challenges.
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