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India\u2019s top refiner has said it will \u201crecalibrate\u201d Russian oil imports in line with government guidelines as US President Donald Trump steps up pressure on New Delhi to stop buying oil from Moscow. <\/p>\n
Reliance Industries, which operates the world\u2019s largest refining complex in the western city of Jamnagar, said it would adjust its purchases based on advice given by the Indian government. <\/p>\n
\u201cRecalibration of Russian oil imports is ongoing and Reliance will be fully aligned to government of India guidelines,\u201d said the company. <\/p>\n
Prior to Russia\u2019s full-scale invasion of Ukraine<\/a>, India imported a small amount of Russian crude oil. But since February 2022 it has grown to become the biggest market for Russian seaborne crude, according to ship tracking data compiled by Kpler.<\/p>\n Trump has repeatedly said this month<\/a> that Indian PM Narendra Modi promised him India would stop buying Russian oil, in a move that could ease tension between the two nations and result in Washington lowering tariffs. <\/p>\n Since August, Trump administration officials have been\u00a0accusing Indian companies of profiting from Moscow\u2019s war while both countries are locked in trade talks<\/a>.<\/p>\n On Wednesday, the US imposed sanctions on Russia\u2019s two largest oil companies, Rosneft and Lukoil<\/a>, aiming to \u201cdegrade\u201d Vladimir Putin\u2019s war chest and support Trump\u2019s effort to end the Ukraine conflict.<\/p>\n \u201cWe encourage our allies to join us\u2009.\u2009.\u2009.\u2009and adhere to these sanctions,\u201d said Treasury secretary Scott Bessent.<\/p>\n A person familiar with the discussions between New Delhi and local refiners said the Indian government had privately asked the companies, including state-run ones, to start cutting down on Russian oil imports. <\/p>\n The imports of discounted Russian oil have created significant gains for Indian oil refiners, including Reliance, which is owned by Asia\u2019s richest man Mukesh Ambani<\/a>.<\/p>\n Over the past three years, Reliance has been one of the biggest beneficiaries of Russian oil, earning a windfall of about $6bn<\/a> due to the discounted price, according to data and analysis consultancy Energy Aspects.<\/p>\n India\u2019s oil ministry and state-run company Indian Oil did not reply to a request for comments.<\/p>\n Trump said last week that Modi could not stop buying the oil \u201cimmediately\u201d, but that a \u201cprocess had started\u201d. <\/p>\n India Business Briefing<\/p>\n The Indian professional\u2019s must-read on business and policy in the world\u2019s fastest-growing big economy. Sign up for the newsletter here<\/a><\/p>\n Analysts were sceptical that Indian refiners would significantly cut Russian imports. \u201cIf India is importing 40 per cent from Russia, they can come down to 30 per cent. Likewise for the companies,\u201d said Harshraj Aggarwal, an oil and gas analyst at Yes Securities in Mumbai, adding that Russia will remain a supplier to India.<\/p>\n Reliance Industries and the Rosneft-linked Nayara Energy have taken most of the Russian barrels in India. Nayara, which had already been under sanctions imposed by the EU and the UK, has not been included on the US sanctions list. New Delhi has in the past protested against \u201cunilateral\u201d curbs.\u00a0<\/p>\n