NEW DELHI: India’s largest private refinery and top importer of Russian oil, Reliance Industries, has bought millions of barrels of crude from the Middle East and US after Washington moved to sanction Russia’s two largest oil companies earlier this week.
The latest development comes amid trade talks between Delhi and Washington, following US President Donald Trump’s hefty tariffs on Indian exports, which have risen to 50 percent since August as a penalty for importing Russian oil.
Reliance, which operates the world’s biggest refining complex in western Gujarat state, has purchased at least 2.5 million barrels, including ֱ’s Khafji, Iraq’s Basrah Medium and Qatar’s Al-Shaheen, along with some US West Texas Intermediate crude, according to Bloomberg.
In a statement shared with Arab News on Saturday, Reliance’s spokesperson said that the company was committed to adhering to Western sanctions and would be “adapting the refinery operations to meet the compliance requirements.”
“Reliance will address these conditions while maintaining the relationships with its suppliers,” the statement read.
“Whenever there is any guidance from the Indian government in this respect, as always, we will be complying fully.”
It follows the US Treasury Department’s decision to levy sanctions on Russia’s two biggest oil producers, Rosneft and Lukoil, citing Moscow’s “lack of serious commitment” to ending the war in Ukraine.
India, which imports more than 80 percent of its crude oil requirements, is the biggest buyer of discounted Russian crude in the aftermath of Moscow’s 2022 invasion of Ukraine and has imported about 1.7 million barrels a day in the first nine months of this year, according to a report from Reuters.
Over the past month, Trump has repeatedly said that India has agreed to stop buying Russian oil as part of a broader trade deal, a claim that has not been confirmed by the Indian government.
The US pressures on India to reduce its energy purchases from India are “bullying tactics,” said Delhi-based foreign policy expert, Mohan Guruswamy.
“India has to make a decision in its own favor, in support of its integrity and honor … If India succumbs to US pressure … (Indian) people may not appreciate it,” he told Arab News.
“What the government of India is saying, you can buy oil wherever you want, at your best price. The government of India is not putting sanctions on Russian oil. It’s a choice for the companies to make.”
While Reliance’s imports have previously included crude from the Middle East, its recent purchases were reportedly higher than usual, while other Indian refiners are also looking to cut imports of Russian oil.
India stands to benefit from pivoting to the Middle East, said Madhu Nainan, senior correspondent at Indian oil and gas publication, Petrowatch.
“The biggest benefit is the shortest distance between India and the Middle East,” he said. “And then Saudi also has grades which are suitable for the Indian refineries … Iraq (also) has got a suitable grade for India.”














