India's biggest oil company ditches Russian crude
Illustrative photo: India's largest oil refiner refuses to buy oil from Russia (Getty Images)
India's largest oil holding company, Reliance Industries, which purchases large volumes of oil from Russia, has de facto confirmed that it will refuse to make further purchases from Russia.
"We have noted the recent restrictions announced by the European Union, United Kingdom and the United States on crude oil imports from Russia and export of refined products to Europe," the company says.
The company also adds that it remains "fully committed to maintaining its longstanding and impeccable record of adherence to applicable sanctions and regulatory frameworks" and will therefore adapt all its trading operations to the new requirements.
"Reliance is confident that its time-tested, diversified crude sourcing strategy will continue to ensure stability and reliability in its refinery operations for meeting the domestic and export requirements, including to Europe," the statement says.
Recently, Reliance Industries purchased millions of barrels of oil from the Middle East and the US after the US imposed sanctions on two Russian producers.
Reliance was the largest importer of Russian oil in India this year. The company received raw materials under a long-term contract with Rosneft.
Bloomberg sources have already reported that Russian oil flows to India, which rose sharply after Russia invaded Ukraine, are declining following the imposition of US sanctions against Rosneft and Lukoil, and will soon fall to almost zero.
