Reliance Industries Ceases Russian Oil Imports
According to reports, Reliance Industries has officially stopped importing Russian crude oil for its refinery located in Jamnagar, Gujarat, effective Thursday.
The conglomerate, led by Mukesh Ambani, confirmed its commitment to adhere to Western sanctions against Russia, which have been imposed in response to the ongoing conflict in Ukraine, while still maintaining relationships with other oil suppliers.
Since the onset of the war in Ukraine in February 2022, the United States and its European allies have enacted a range of sanctions targeting Russian businesses, particularly those involved in oil exports, with the goal of compelling Moscow to cease hostilities and negotiate peace with Kyiv.
In October, the US government introduced new sanctions aimed at two major Russian energy companies, Rosneft and Lukoil, which are significant players in the oil export market.
Former US President Donald Trump has consistently claimed that countries like India importing Russian oil are contributing to the war effort in Moscow.
In August, the Trump administration escalated tariffs on goods imported from India to 50% due to its purchases of Russian oil, following an initial 25% tariff that had already been implemented.
At that time, the Indian government expressed its disappointment, labeling the additional tariffs as ‘extremely unfortunate,’ arguing that many nations were acting in their own national interests similarly.
On October 23, Reliance Industries indicated to news sources that it was in the process of adjusting its Russian oil imports and would align fully with the guidelines set by the Government of India.
A spokesperson for Reliance stated that starting December 1, all products exported from the Jamnagar facility, recognized as the largest single-location refining complex globally, would be derived from crude oil not sourced from Russia.
The company completed its transition away from Russian oil ahead of schedule to comply with restrictions that will be fully enforced starting January 21. The US has provided companies until Friday to conclude their transactions.
Reliance Industries has maintained a long-term agreement to acquire approximately 500,000 barrels of crude oil daily from Rosneft, making it India’s largest fuel exporter and the primary importer of Russian oil, accounting for nearly half of India’s Russian oil imports.
According to reports, Europe constitutes 28% of Reliance’s oil exports.
