The private company Reliance Industries, despite U.S. sanctions, is purchasing Russian oil at reduced prices from suppliers not under sanctions, DW reports, citing Bloomberg.
India's largest private oil refining company, Reliance Industries, has resumed purchases of Russian oil despite the ongoing U.S. sanctions against key Russian enterprises. This was reported by Bloomberg on Wednesday, December 24.
According to sources from the agency, Reliance Industries is buying Russian oil at reduced prices from suppliers not under sanctions and directing it to its refinery in Gujarat. This refinery, with a capacity of 660,000 barrels per day, supplies products to local consumers.
To transport Russian oil, Reliance Industries has contracted with the company "RusExport" to use Aframax-class tankers, Bloomberg's sources claim.
The agency notes that using this scheme is likely to reduce the decline in Russian oil purchases by India, which, according to officials, could drop by more than half this month.
U.S. Sanctions Against "Lukoil" and "Rosneft"
The U.S. imposed new sanctions against Russia on October 22, explaining this move by the "lack of serious interest from Russia in the peace process" to end the war in Ukraine initiated by Moscow. The two largest Russian oil companies, "Rosneft" and "Lukoil," as well as their subsidiaries located in Russia, were added to the blacklist. Violations are subject to "civil or criminal sanctions against U.S. citizens and foreign nationals."
In October, Reuters reported on Reliance Industries' plans to reduce or completely halt imports of Russian oil to avoid violating U.S. sanctions.
