Reliance to Comply with Western Russian Oil Sanctions

Western powers this month imposed fresh sanctions on Russia’s top oil exporters Rosneft and Lukoil, and OFAC deadlines plus new EU transfer rules have raised oil prices and risk removing several million barrels per day from markets. Reliance Industries, which buys roughly 500,000 barrels per day from Rosneft, said it will comply with applicable Western and EU sanctions, adapt operations at its Jamnagar refinery, assess payment and compliance implications, and follow any guidance from the Indian government while seeking to maintain supplier relationships. The company said its diversified sourcing strategy should help ensure stability for domestic fuel supplies and exports. Indian refiners, both public and private, are preparing for life without Russian crude after an expected November cut‑off, with state‑run retailers likely to absorb short‑term costs as banks and traders evaluate secondary‑sanctions risks. Separate reporting says recent US tariff and trade actions under President Trump have strained trust with New Delhi and pushed India closer to Russia on energy and defence, and that Prime Minister Modi has signalled quiet defiance by avoiding a face‑to‑face meeting with President Trump.