Reliance to adjust Russian oil imports as US sanctions hit
What's the story
Reliance Industries, India's largest importer of Russian crude oil, has announced plans to adjust its imports from Russia. The move is in line with the Indian government's guidelines. A company spokesperson confirmed the ongoing "recalibration of Russian oil imports" and assured that Reliance will fully comply with the government's directives on this matter.
Sanctions imposed
US imposes sanctions on Russian oil firms
The announcement comes as US President Donald Trump has imposed Ukraine-related sanctions on Russia. The sanctions specifically target Russian oil companies Lukoil and Rosneft. This move comes after a recent attack by Russia in Ukraine that killed at least seven people, including children. "Now is the time to stop the killing and for an immediate ceasefire," said US Treasury Secretary Scott Bessent.
Transaction deadline
Companies given deadline to wind down transactions
The US Treasury has given companies until November 21 to wind down their transactions with the sanctioned Russian oil producers. This is part of efforts by Western nations to address the ongoing conflict in Ukraine and its implications.
Import trends
India has emerged as largest importer of discounted Russian oil
After Western countries halted their imports following Russia's invasion of Ukraine in February 2022, India has emerged as the largest importer of discounted Russian seaborne oil. From January to September this year, India imported some 1.7 million barrels per day of Russian crude oil. Most of these imports were handled by private refiners Reliance Industries and Nayara Energy.