India’s Reliance Resumes Russian Oil Imports Despite US Sanctions

(MENAFN) Reliance Industries, India’s largest privately owned oil refiner, has restarted purchases of Russian crude after previously suspending them to comply with US sanctions, according to a media outlet.

In October, Washington imposed restrictions on Russian state-run energy giants Rosneft and Lukoil, aiming to intensify pressure on Moscow’s energy sector amid the Ukraine war. The sanctions required international firms, including Indian refiners, to end dealings with the two companies by November 21.

Sources familiar with the matter told the media outlet on Wednesday that Reliance is now acquiring discounted crude from suppliers not targeted by sanctions. The company has chartered Aframax tankers from the Russian exporter RusExport, directing shipments to its Jamnagar refinery, which processes 660,000 barrels per day for India’s domestic fuel market.

Reliance, which maintains a long-term contract with Rosneft, had announced last month that it would stop new purchases to remain compliant with sanctions, noting that the last sanctioned cargo was loaded on November 12.

A company representative told a news agency that current deliveries are part of “pre-existing transactions which are being wound down in a sanctions-compliant manner.”

India, the world’s third-largest oil consumer, has become a crucial destination for Russian crude since the escalation of the Ukraine conflict in 2022. Data from analytics firm Kpler indicates that Russia has been India’s leading oil supplier since then, accounting for more than 36% of the country’s crude imports this year.

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