Reliance’s oil imports from Russia to take a hit after US sanctions on Rosneft, Lukoil; PSUs to keep buying via traders

Billionaire Mukesh Ambani’s Reliance Industries’ crude imports from Russia are expected to be impacted by the US sanctions against Rosneft and Lukoil, two of Russia’s largest oil companies. However, state-run refiners may continue purchases through intermediary traders for now.

According to news agency PTI, citing industry sources said public-sector units are assessing compliance risks but are unlikely to halt Russian crude flows immediately as they buy almost all of their needs from traders, mostly European (who are out of the sanctions net).