Major Indian refiner Reliance Industries rejecting Russian oil tankers amid US sanctions
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Indian company Reliance Industries, the owner of the world's largest oil refinery complex, refuses to accept oil delivered by tankers of the Russian company Sovcomflot (SCF), Reuters reported on March 20.
The decision was made in connection with the imposition of U.S. sanctions.
"SCF is a major supplier of tonnage for Russian oil," the article says.
“The refusal to accept its tankers may negatively affect the sale of raw materials in India, which has become the main buyer of sea oil from Russia after the withdrawal of Western companies at the end of 2022.”
The decision on the entry of Sovcomflot vessels and other sanctioned tankers to Indian ports will be made by the authorities. "Our preference is that refiners should not take oil in sanctioned vessels, because of our political and commercial interests and the U.S. sanctions," said one of the sources in the Indian government.
"Russian oil supplies to India, which have already fallen by more than a third at the end of 2023, may decline even further as refineries are seeking to avoid any negative reaction from Washington and are being ‘extra cautious," the article reads.
India previously purchased 2.15 million barrels of Russian oil daily, about half of all marine oil exports from Russia in the summer of 2023.
The United States imposed sanctions on Russia's largest shipping company, Sovcomflot, and 14 oil tankers transporting Russian oil in February.
India refused to purchase Russian Sokol crude oil in February 2024.
India reportedly stopped buying another grade of Russian oil in March 2024.
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