Reliance Industries is considering halting Russian oil purchases to avoid US sanctions, according to a Financial Times report. The latest development follows the US’s imposition of sanctions on key Russian crude giants, Rosneft and Lukoil.

According to a Reuters report earlier today, Reliance Industries, India’s largest oil refining company, is recalibrating Russian oil imports. “Recalibration of Russian oil imports is ongoing and Reliance will be fully aligned Government of India guidelines,” a Reliance spokesman said in response to a query by Reuters on whether the company plans to cut its crude imports from Russia.

Earlier in the day, President Trump indicated that Indian Prime Minister Narendra Modi has assured that India’s Russian oil purchases will go down by 40 per cent b

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