Reliance Industries Seeks to Purchase Russian Oil Following U.S. Waiver

Reliance Industries is reportedly looking to purchase Russian oil after receiving a temporary procurement waiver from the United States, according to sources familiar with the matter. According to Jin10, the refinery giant plans to process this crude oil at its facilities dedicated to producing fuel for the domestic Indian market. The company's export-focused plants will continue to use non-Russian grades of crude oil. This waiver marks a significant shift in the stance of the Trump administration, which had previously exerted considerable pressure on New Delhi to curb its purchases of Russian oil. Data from Kpler indicates that Reliance Industries was India's largest buyer of Russian oil last year, importing nearly 600,000 barrels per day.