A government source revealed on Thursday that the private refiner Nayara Energy backed by Russia, which had been sanctioned last month by the European Union, was seeking help from India's Shipping Ministry to obtain vessels for the transportation of its refined fuels.

Nayara, a company hit by sanctions, is struggling to find vessels for the delivery of refined fuels to its retail stations in India. Private refiners have already reduced crude production at their refineries.

Nayara is now being asked by shippers to pay for the damages caused by EU sanctions.

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After a meeting with Nayara officials, a source informed reporters that the ministries of shipping and oil, as well as foreign affairs, will meet soon to examine Nayara's requests.

New Delhi is looking into the possibility of providing private refiners with vessels flying the Indian flag. Source: Vessel owners cite problems, including the inability to obtain insurance coverage for Nayara voyages. (Written by Hritam Mukerjee, edited by Sonia Cheema & Niveditarjee).

(source: Reuters)