Indian refiners, including Reliance Industries, are reviewing their Russian oil trade amid intensifying global sanctions. Reliance, the country’s top buyer
of Russian crude, is recalibrating its imports to ensure compliance with government guidelines, reflecting a careful balance of commercial interests and geopolitical sensitivities, said a report by Reuters. As sanctions from the US and European Union tighten, Indian refiners are re-examining trade documents related to Russian oil. A Reliance spokesperson told Reuters, “Recalibration of Russian oil imports is ongoing, and Reliance will be fully aligned to GOI (Government of India) guidelines on the extent of recalibration.” Reliance shares were trading marginally lower at Rs 1,460.20, down 0.34%, at 2:27 PM IST. The review follows new sanctions from Washington and Brussels targeting Russian energy companies. On Wednesday, US President Donald Trump imposed his first set of Ukraine-related sanctions in his second term, blacklisting Rosneft and Lukoil. The European Union had already approved its 19th sanctions package against Russia, including a ban on Russian liquefied natural gas imports. Britain had previously sanctioned both Rosneft and Lukoil. US Treasury Secretary Scott Bessent said, “Given President Putin's refusal to end this senseless war, Treasury is sanctioning Russia's two largest oil companies that fund the Kremlin's war machine. We encourage our allies to join us and adhere to these sanctions.” The sanctions have prompted Indian refiners to ensure no shipments originate directly from Rosneft or Lukoil. Trump’s measures also pushed Brent crude futures above $64 per barrel, up more than $2 per barrel. Earlier, Trump had imposed a 25% additional tariff on Indian imports in retaliation for New Delhi’s continued purchase of discounted Russian oil, bringing the total tariff on Indian goods to 50%. Reliance’s recalibration highlights how Indian refiners are navigating a tightening sanctions landscape while balancing commercial and geopolitical priorities.
