“Reliance would be completely in accordance with the standards of the Government of India (GoI) on the degree of recalibration,” claims RIL.
Following the escalation of sanctions on Russia by the United States and Europe, Reliance Industries Ltd., the largest Indian purchaser of Russian oil, intends to modify its purchases of crude from Moscow to conform to directives from the Indian government, according to a company spokesperson.
When asked by Reuters whether it intends to reduce its crude imports from Russia, Reliance said, “Recalibration of Russian oil imports is continuing and Reliance would be completely aligned to GoI (Government of India) directives on the scope of recalibration.”
As his annoyance with Russian President Vladimir Putin over the crisis in Ukraine intensifies, US President Donald Trump on Wednesday placed sanctions on Russia relating to Ukraine for the first time in his second term, focusing on the oil firms Lukoil and Rosneft.
A day before to the sanctions, Russia had attacked Ukraine, killing at least seven people, including children. Early Thursday, US Treasury Secretary Scott Bessent issued a statement saying, “Now is the moment to end the slaughter and for an urgent ceasefire.”
According to a statement on the sanctions released on Wednesday, the US Treasury has given businesses until November 21 to stop doing business with the Russian oil firms.
Following Western countries’ suspension of sales following Moscow’s invasion of Ukraine in February 2022, India emerged as the leading purchaser of cheap Russian seaborne oil.
From January to September, India purchased over 1.7 million barrels of Russian oil per day, with the majority of the barrels going to private refiners Reliance Industries and Nayara Energy.