US sanctions on Russian oil majors may hurt Reliance Industries, Nayara

Rosneft, Lukoil major suppliers to India; crude import bill may rise by over ₹23K cr

The Donald Trump administration in the US has imposed sweeping sanctions on Russia’s largest oil producers — Rosneft and Lukoil — in a fresh bid to end the war in Ukraine. The move is expected to hit oil purchases by India’s private refiners, including Reliance Industries (RIL) and Nayara Energy, while state-run refiners, which largely buy Russian crude through traders, are likely to remain insulated for now. 

The sanctions, according to experts, are likely to push up India’s annual oil import bill by $2.7 billion (₹23,490 crore). While Russia accounts for 35-40 per cent of India’s crude oil imports by