Reliance Industries Ltd To Recalibrate It's Russian Oil Imports After US Sanctions Rosneft And Lukoil

India is expected to make large-scale reductions in its Russian crude oil imports after Kremlin was subjected to fresh sanctions from the US.

Reliance Industries Ltd (RIL), one of the top importers of crude oil from Russia has decided to recalibrate its oil imports from that country in line with Government of India’s guidelines, according to a Reuters report.

This come after the US Treasury Department announced sanctions on Russian oil firms Rosneft and Lukoil. As a result of a ripple effect, state refiners are reviewing their Russian oil trade documents to ensure that no supply will be coming directly from Rosneft and Lukoil after both Kremlin-based companies were sanctioned by the United States on Wednesday. 

Indian refiners including IOC, HPCL and BPCL as well as Reliance have been major importers of Russia crude in the spot market over the last few years.

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Meanwhile, the US Treasury Department has set the deadline of 21 November for companies to stop making transactions with the Russian oil producers, according to a release on the sanctions on Wednesday.

Earlier, US President Donald Trump had claimed that PM Narendra Modi had assured that India will limit Russian oil imports. Meanwhile, reports are circulating on a possible reduction in US tariffs imposed on the south Asian nation to 15-16% range from 50% tariffs. 

In today's trading session, the Mukesh-Ambani owned stock surged over 1% to hit an intra-day high of Rs 1,482.50 apiece.