Sanctions on Russian oil: Top buyer Reliance planning to ‘recalibrate’ its crude sourcing, says report
As global sanctions, including the latest ones from the Trump administration against Moscow intensify, many Indian refiners are evaluating their Russian oil trade documents.Reliance Industries Ltd, top Indian buyer of Russian crude, is also in the process of “recalibrating” imports from Russia to remain consistent with government guidance.“Recalibration of Russian oil imports is ongoing and Reliance will be fully aligned to GOI (Government of India) guidelines on the extent of recalibration,” a Reliance spokesperson told Reuters.Reliance shares were trading marginally lower at Rs 1460.20, down 4.95 points or 0.34%, at 2:27 PM IST.The review follows a wave of new sanctions from Washington and Europe targeting Russian energy companies. On Wednesday, US President Donald Trump imposed the first set of Ukraine-related sanctions of his second term, blacklisting Rosneft and Lukoil. The move marks a shift from his earlier reliance on tariffs as his main policy tool against Moscow.Trump’s measures came just after the European Union approved its 19th sanctions package against Russia, which included a ban on Russian liquefied natural gas imports. Britain had already sanctioned both Rosneft and Lukoil last week.“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,” US treasury secretary Scott Bessent said in a statement. “We encourage our allies to join us in and adhere to these sanctions.”The sanctions have prompted Indian refiners to re-examine their trade arrangements to ensure no shipments originate directly from Rosneft or Lukoil, a source told Reuters.Trump’s latest action also sent oil prices higher. Brent crude futures rose by over $2 per barrel, extending gains to around $64. The president later said he had called off a planned summit with Russian President Vladimir Putin in Hungary, saying it “didn’t feel like the right time.”Trump added he hopes the restrictions “will not need to be in place for a long time.” Earlier in his presidency, Trump had imposed an additional tariff of 25% on Indian goods in retaliation for New Delhi’s continued purchase of discounted Russian oil while sparing China, another major buyer. With this, the total tariff on Indian imports to the country stands at 50%.Reliance’s recalibration signals how Indian refiners are advancing in a rapidly tightening sanctions landscape while balancing commercial interests and geopolitical sensitivities.
