India's largest refinery Reliance refuses to buy Russian oil

Indian refinery Reliance has completely abandoned Russian oil

India's largest oil refinery Reliance Industries has completely stopped purchasing Russian oil, confirming that it will now operate exclusively in accordance with international sanctions requirements.

Details

The company noted that the decision was a response to the tightening of control over compliance with the price ceiling and other restrictions imposed on Russia after its full-scale aggression against Ukraine.

Reliance is one of the world's largest oil refiners, and its procurement strategy has an impact on global energy markets. The complete rejection of Russian crude oil means a significant reduction in Russian exports to the key Asian destination.

Context.

After Western restrictions were imposed, many Indian refineries continued to buy Russian oil at significant discounts. At the same time, Reliance, one of India's most powerful and profitable corporations, is increasingly declaring transparency in its supplies and readiness to operate within international standards, which is important for maintaining access to global financial and technology markets.