Reliance Industries to Purchase Sanctions-Compliant Russian Oil in February–March

After a one-month suspension, sanctions-compliant Russian oil is expected to be delivered to India’s Reliance Industries Ltd, which operates the largest refining complex in the world, in February and March. After obtaining a one-month US concession that permitted it to conclude its transactions with the sanctioned Russian oil giant Rosneft after a deadline of November 21, Reliance last received Russian crude in December.Various media reports stated that Reliance, like other Indian refiners, will purchase Russian oil from unapproved vendors. However, reports did not specify how many cargoes the refiner has scheduled for February and March. Whether the private refinery will keep purchasing Russian oil after March is also uncertain. Let’s find out latest developments on this stroy.Reliance Continues to Back Russian Oil ProducersIndia’s total imports of Russian oil are anticipated to remain low in February and March. Under a long-term contract with Rosneft, Reliance had been importing 500,000 barrels of Russian crude per day (bpd) for its 1.4 million bpd Jamnagar refinery complex in Gujarat. Fuel made at refineries that received or processed Russian oil 60 days before the bill-of-lading date would not be accepted by the European Union starting on January 21.In order to continue supplying fuels to the…  ​Read MoreStartupTalky- Business News, Insights and Stories