Reliance Industries will halt long-term oil imports from Russia’s Rosneft following new US sanctions on the Russian oil giant, according to a Reuters report citing sources. The privately-owned Indian conglomerate had been purchasing nearly 500,000 barrels per day under the deal.

The decision comes after the US rolled out sweeping sanctions on Russia’s top two oil companies — Rosneft and Lukoil — in a bid to pressure Moscow over the ongoing war in Ukraine. Advertisement

US President Donald Trump confirmed the move, citing stalled peace efforts with Russian President Vladimir Putin. “Every time I speak to Vladimir, I have good conversations and then they don't go anywhere," Trump said. A planned summit between the two leaders in Budapest has been shelved indefinitely.

While the Kremlin

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