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India’s Reliance Industries Retreats from Russian Oil Amid U.S. Sanctions Pressure
India’s Reliance Industries Retreats from Russian Oil Amid U.S. Sanctions Pressure
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BTCCSquare news:
Reliance Industries, India's largest private refiner, has abruptly scaled back its Russian oil imports as U.S. sanctions tighten. The conglomerate previously sourced 630,000 barrels per day from Rosneft and Lukoil—accounting for one-third of India's total Russian crude intake—but now faces profitability risks after Washington's latest sanctions targeting Moscow's energy sector.
The Treasury Department's move leaves Reliance with limited options. While alternative suppliers exist in Western markets, Rystad Energy notes replacing 50% of its crude slate WOULD erode margins. The refiner's silence speaks volumes—no official statements have addressed the supply chain upheaval.
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