Despite the sanctions imposed by America on big Russian oil companies, India’s largest company Reliance Industries Limited (RIL) has been receiving supplies of Russian oil. In fact, due to a special one-month exemption from Washington, Reliance continued to receive crude oil consignments from Russia’s state oil company Rosneft. According to sources related to this matter, this exemption was not made public earlier.
American sanctions were imposed in October
In the month of October, America had imposed sanctions on Russian energy companies like Rosneft and Lukoil. Under this, global companies were given time till November 21 to gradually close their transactions with these companies. However, Reliance got temporary relief in this, due to which it could complete the already decided deals.
Big long term agreement with Rosneft
Reliance has a long-term agreement with Rosneft, under which the company buys about 5 lakh barrels of Russian crude oil daily. This oil is processed in a refining complex with a capacity of 14 lakh barrels per day located in Gujarat, which is considered to be the largest refinery complex in the world.
Challenge increased due to new EU rules
Meanwhile, the European Union (EU) has announced that after January 21, it will not import fuel that is produced in refineries where Russian oil is processed 60 days before the date of bill of loading. This could make it more complicated for Indian refineries to export fuel to Europe.
Reliance’s clarification statement
According to trade data agency Kpler, since November 22, Reliance has received about 15 consignments from Rosneft. On this, the company has said that all these are already done deals, which are being completed under the rules of international sanctions. Reliance also clarified that the last cargo with Rosneft was loaded on November 12.
Increasing American pressure on India
After the Ukraine war, India has become the world’s largest buyer of Russian crude oil coming via sea route. However, America is continuously pressurizing India to reduce these imports. India’s Russian oil imports are expected to decline to 12 to 15 lakh barrels per day in December, which is less than in November.