ತುಟಿಗೆ ತಟ್ಟತ್ತೆ ಬಿಸಿ, ಇನ್ನು ಕಾಫಿಯೂ ತುಟ್ಟಿ

Reliance Industries, India’s largest private refiner and a major buyer of Russian crude, has decided to halt its long-term oil imports from Russia’s Rosneft following new sanctions imposed by the United States on the Russian oil major. This major decision comes after the US President imposed sanctions on Rosneft and Lukoil to pressure Moscow over the ongoing conflict in Ukraine, giving companies until November 21 to wind down their transactions. A Reliance spokesperson confirmed that the “recalibration of Russian oil imports is ongoing and Reliance will be fully aligned to GOI (Government of India) guidelines,” indicating a clear move towards compliance and adherence to national policy.

The move is considered a significant step in potentially removing a major hurdle in trade negotiations between India and the United States, as the US had previously imposed punitive tariffs on Indian goods partly due to the purchase of discounted Russian oil. While state-run refiners are also reviewing their trade documents, Reliance’s decision, which previously sourced nearly 500,000 barrels per day under a long-term contract, signals a substantial shift in India’s energy sourcing strategy. The global market anticipates a rise in crude oil prices as a result, which could indirectly increase local fuel and transportation costs in regions like Shivamogga.

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