UCO Bank to Handle Payments for Sanctioned Nayara Energy

UCO Bank is set to help Nayara Energy, an oil company, with its payments.

This is because the EU sanctioned Nayara, making it hard for them to work with other banks.

UCO Bank will assist with money transfers so Nayara can buy oil and sell fuel.

Nayara is mostly owned by a Russian oil company called Rosneft.

This is happening after other big banks stopped working with Nayara due to the sanctions.

UCO Bank was a good choice because they have experience handling transactions, including those for Iranian oil trades.

Operational details, like the currency used, are still being finalized.