Reuters reports that Indian refiners are ready to reduce imports of Russian oil sharply. The reason is new US sanctions on two major Russian producers, aimed at lowering Moscow's revenues to finance its war in Ukraine.
The largest Indian buyer of Russian crude oil, Reliance Industries, a private company, plans to reduce or completely stop imports of Russian oil, according to two sources.
"The reassessment of Russian oil imports is ongoing, and Reliance will fully comply with the recommendations of the Indian government," a Reliance representative said.
The newspaper reports that Indian state-owned refiners are also reviewing oil trading contracts.
