India's largest refinery drops Russian oil under sanctions pressure
Illustrative photo: sanctions against Russia (Getty Images)
India’s energy giant Reliance Industries has fully halted imports of Russian oil as of 20 November, complying with international sanctions, according to Reuters.
The decision concerns a full halt to imports of Russian crude for Reliance’s Jamnagar refining complex in Gujarat.
The move comes amid tightening sanctions from the United States, the United Kingdom and the European Union targeting Russian oil companies, primarily Rosneft and Lukoil.
Reliance is known to have a long-term contract with Russia’s Rosneft for the purchase of around 500,000 barrels of oil per day. Despite this, the corporation has repeatedly emphasised that it will comply with sanctions imposed on Russia and follow all international restrictions affecting the energy sector.
Washington has given international companies until 21 November to complete all transactions with these producers.
The European Union, for its part, will prohibit the import of fuel produced at refineries that received or processed Russian oil within 60 days before a tanker’s loading date. This rule will take effect on 21 January.
Reliance stated that from 1 December, all of the company’s export products will be produced exclusively from non-Russian crude. The transition was completed ahead of schedule to ensure full compliance with the new sanctions requirements.
The company also noted that it is honouring all previously agreed Russian oil shipments arranged before 22 October, as logistics processes had already been initiated. The last such tanker was loaded on 12 November, and all vessels arriving on or after 20 November will be received and processed within the Domestic Tariff Area.
Europe remains one of Reliance’s key markets, accounting for around 28% of the company’s exports, and Reliance is taking all necessary steps to maintain access to the European market.
US sanctions
The United States introduced new sanctions against Russia in October, targeting Rosneft and Lukoil.
These measures have effectively forced other countries to reduce purchases of Russian crude and wind down cooperation with Russia’s two major oil producers.
Large state-run refiners in China have also suspended purchases of ESPO crude following US sanctions on Rosneft and Lukoil.
