NEW DELHI — In an unprecedented move, the European Union has imposed sanctions on an Indian oil refinery, targeting Nayara Energy’s Vadinar facility in Gujarat over its Russian ownership links. The refinery is partially owned by Russian state-run oil major Rosneft, which holds a 49.1% stake.

Indian private refiners that have leveraged cheap Russian crude to boost margins will be forced to find workarounds and rely more on traders to find new markets for their products after the latest round of European Union sanctions,

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