Amid mounting international pressure on Russia, Reliance Industries Limited (RIL), one of. India's largest importers of Russian crude, has decided to recalibrate its oil procurement policy. The company announced that it would adjust its Russian oil imports in line with the Indian government's guidelines. This strategic move aims to maintain India's balanced position, ensuring access to discounted Russian crude while adhering to international sanctions. A Reliance spokesperson confirmed on Thursday that "recalibration in Russian oil imports is underway, and Reliance will fully align with government guidelines. " This statement comes as the United States, European Union, and the United Kingdom have imposed new and stringent sanctions on Russia in connection with the Ukraine conflict, while
New US and European Sanctions
US President Donald Trump on Wednesday announced direct sanctions against two major Russian oil companies, Lukoil and Rosneft. The European Union has also approved its 19th sanctions package on Russia, which includes a ban on imports of Russian liquefied natural gas (LNG), while the UK had similarly sanctioned these two companies last week. US Treasury Secretary Scott Bassant stated, "As President Putin refuses to end this senseless war, we're sanctioning Russia's two largest oil companies that directly fund the Kremlin's war machine. " He urged allies to comply with these sanctions.
Market Impact and Oil Prices
The immediate impact of the new US sanctions was visible in crude oil prices. Brent crude oil prices surged by over two dollars per barrel, reaching approximately $64 per barrel. As of Thursday morning, Reliance Industries shares were trading at ₹1,463. 85, down by ₹1. 30. Trump also indicated that he had canceled a planned meeting with Russian President Putin in Hungary, stating it wasn't the right time, and expressed hope that the sanctions wouldn't need to remain in place for long.
