Summary
Reliance Industries, India's largest buyer of Russian oil, announced it will follow Western sanctions on Russia. This decision impacts its operations and agreements amid international measures aiming to restrict Russian oil companies. Reliance emphasized it will comply with Indian government guidance and maintain stable refinery operations.
Key Facts
- Reliance Industries is India's top importer of Russian oil.
- The company stated it will comply with Western sanctions targeting Russian oil companies.
- The U.S. Treasury recently designated Russian majors Rosneft and Lukoil under sanctions.
- The European Union introduced a full transaction ban on Rosneft as part of its 19th sanctions package.
- Reliance operates the world’s largest refining complex in Gujarat, India.
- Reliance purchased about half of the discounted Russian crude sent to India.
- Reliance did not specify how it would adjust its processes but assured compliance with EU import restrictions.
- President Trump enacted tariffs on Indian exports due to Russian oil imports, increasing them to 50%.
