Recalibrating Russian oil imports, will fully comply with guidelines: RIL

Reliance, which operates the world's largest refining complex at Jamnagar in Gujarat, has a long-term deal to buy nearly 500,000 bpd of crude oil from Russian major Rosneft

Reliance Industries Ltd (RIL), one of India’s top importers of Russian crude, on Thursday said it is "recalibrating" its Russian oil imports and will fully comply with the government’s guidelines, according to a report by Reuters.

 

Reliance, which operates the world’s largest refining complex at Jamnagar in western Gujarat, has a long-term agreement to purchase nearly 500,000 barrels per day (bpd) of crude oil from Russian oil major Rosneft. The refiner also sources Russian crude from intermediaries.

Refiners looking to cut Russian oil imports

According to the report, several Indian refiners are planning to trim Russian oil imports amid growing scrutiny from Western nations, particularly the United States. The move also followed new US sanctions on two major Russian producers aimed at curbing Moscow’s revenue streams that are being used to fund its war in Ukraine. 

 

India among top buyers of Russian crude

India, along with China, has emerged as one of the biggest buyers of Russian crude since Moscow's invasion of Ukraine. Following the conflict, India began receiving Russian oil at discounted rates.

 

The Trump administration, however, has stepped up scrutiny of India’s Russian oil imports, imposing a 50 per cent tariff starting August 27, which includes a 25 per cent penalty for continued purchases of Russian crude.

India will stop buying Russian oil: Trump

US President Donald Trump has repeatedly claimed that India will stop purchasing Russian oil by the end of this year. However, the Indian government has not confirmed his claims.

 

On Wednesday (local time), Trump reiterated that India would “significantly reduce” its imports of Russian crude by year-end, describing it as a gradual process. “India, as you know, has told me they are going to stop — it’s a process. You can’t just stop buying oil from Russia overnight. By the end of the year, they’ll be down to almost nothing,” Trump said.