Russia’s leading Indian oil buyer to follow Western sanctions
India’s largest importer of Russian oil, Reliance Industries Ltd, has announced that it will comply with Western sanctions, putting an end to days of speculation about how the company would navigate new measures targeting Russia’s two largest oil companies.
Reliance “will be adapting the refinery operations to meet the compliance requirements”, a company spokesperson said in a statement on Friday, while maintaining its relationships with suppliers, News.Az reports citing foreign media.
“Whenever there is any guidance from the Indian Government in this respect, as always, we will be complying fully,” the statement added.
On Wednesday, the United States Treasury Office of Foreign Assets Control (OFAC) designated Russian majors Rosneft and Lukoil for the first time as President Donald Trump becomes increasingly frustrated with Russia’s unremitting war on Ukraine.
US Secretary of the Treasury Scott Bessent said the move was the result of Russian President Vladimir Putin’s “refusal to end this senseless war” and encouraged allies to adhere to the new sanctions.
The following day, the European Union adopted its 19th package of measures against Russia, which includes a full transaction ban on Rosneft. The EU has previously said that, starting January 21, it will not receive fuel imports from refineries that received or processed Russian oil 60 days prior to shipping.
Reliance, chaired by billionaire businessman Mukesh Ambani, operates the world’s biggest refining complex in western Gujarat. The company has purchased roughly half of the 1.7-1.8 million barrels per day (bpd) of discounted Russian crude shipped to India, the news agency Press Trust of India reported this week.
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