U.S. sanctions on Russian oil push India to reassess its energy imports
Reliance Industries says it is adjusting refinery operations to comply with U.S. sanctions on Rosneft and Lukoil. Analysts expect limited short-term consumer impact, though India’s crude import bill could rise 2%.
Reliance Industries said it is reworking its refinery operations to comply with new U.S. sanctions on Russian oil giants Rosneft and Lukoil, which together export up to 4 million barrels of crude daily, News.Az reports, citing foreign media.
The move follows Washington’s latest restrictions, effective November 21, targeting Russian energy trade. Reliance said it would “adapt operations to meet compliance requirements” while ensuring stable domestic and export supplies.
Experts say fuel prices in India are unlikely to rise immediately, as state-run refiners will absorb short-term costs of sourcing alternative supplies.
India has imported about 34% of its crude from Russia this year. Analysts warn replacing this volume could push up oil prices and raise India’s import bill by 2%, depending on how strictly the U.S. enforces sanctions.
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