India’s top refiner to resume Russian oil purchases – Reuters
India’s top refining firm, Reliance Industries, is set to resume purchases of Russian oil after a brief pause, Reuters reported on Thursday.
New Delhi has come under increasing pressure from Washington to stop buying Russian oil in recent months as the White House has sought to force Moscow to settle the Ukraine conflict.
In August, US President Donald Trump imposed a 50% tariff on Indian goods, half of it as a punitive levy for its oil trade with Russia.
Reliance will buy Russian oil from non-sanctioned sellers in February and March, according to Reuters.
The refiner received Russian crude in December after it secured a US concession for a month after a November 21 deadline to close its dealings with sanctioned producer Rosneft, the news outlet reported.
The EU has also imposed sanctions on Russian oil, effective January 21.
Some Indian refiners have temporarily halted new orders from Russia and sought alternative supplies in response to sanctions from the West.
India, the world’s third-largest oil consumer, became a key market for Russian crude following the escalation of the Ukraine conflict in 2022.
Data from analytics firm Kpler shows Russia has been the South Asian nation’s top oil supplier since then, providing over 36% of India’s crude imports.
