Foreign Media: India's Largest Private Refiner Plans to Halt Purchases of Russian Oil

According to a Reuters report, following the US decision to sanction Russia's two largest oil companies, Reliance Industries, India's largest buyer of Russian crude and its largest private refiner, plans to stop purchasing Russian crude oil.

A Reliance Industries spokesperson stated in a declaration that the company will comply with Western sanctions on Russia while maintaining relationships with its current oil suppliers.

Previously, on the 22nd, US Treasury Secretary Besant announced US sanctions against Russia's two largest oil companies: the state-owned Rosneft and the privately-owned Lukoil. The following day, the European Council issued a communiqué stating that the EU had formally adopted the 19th package of sanctions against Russia, which includes the energy sector.

The Reliance Industries spokesperson said, "As is common industry practice, supply contracts change in response to changing market and regulatory conditions. Reliance will address these changes while maintaining its supplier relationships." However, the report stated that the declaration did not mention its contract with Rosneft.

According to media reports, at the end of 2024, Reliance Industries signed a long-term agreement with Rosneft to purchase nearly 500,000 barrels of crude oil per day. Additionally, the refinery also purchases Russian oil through intermediaries. Reliance Industries stated that its diversified crude procurement strategy would continue to ensure the stability and reliability of its refining operations to meet domestic and export demand, including demand from Europe.