Reliance ‘Recalibrating’ Russian Oil Imports To Align With Centre’s Guidelines | Business News

India imported about 1.7 million barrels per day of Russian oil in January to September, with private refiners Reliance Industries and Nayara Energy taking most of the barrels.

Reliance Industries Ltd, the top Indian buyer of Russian oil, plans to adjust crude imports from Moscow to align with guidelines from the Indian government, a company spokesman said, after the US and Europe ramped up sanctions against Russia.

“Recalibration of Russian oil imports is ongoing and Reliance will be fully aligned to GoI (Government of India) guidelines on the extent of recalibration,” Reliance said in response to a Reuters query on whether the company plans to cut its crude imports from Russia.

US President Donald Trump on Wednesday imposed Ukraine-related sanctions on Russia for the first time in his second term, targeting oil companies Lukoil and Rosneft as his frustration grows with Russian President Vladimir Putin over the war in Ukraine.

The sanctions came a day after Russia’s recent attack in Ukraine killed at least seven people, including children. “Now is the time to stop the killing and for an immediate ceasefire,” US Treasury Secretary Scott Bessent said in a statement early Thursday.

The US Treasury has given companies until November 21 to wind down transactions with the Russian oil producers, according to a release on the sanctions on Wednesday.

India became the top importer of discounted Russian seaborne oil after Western nations suspended their purchases in the aftermath of Moscow’s invasion of Ukraine in February 2022.

India imported about 1.7 million barrels per day of Russian oil in January to September, with private refiners Reliance Industries and Nayara Energy taking most of the barrels.