US President Donald Trump’s move to impose sanctions on two of Russia’s largest oil suppliers - Rosneft and Lukoil - spells bad news for India’s private sector refineries Reliance Industries (RIL) and Russia-backed Nayara Energy. Analysts are of the view that the latest round of sanctions may hit earnings of these two oil refineries. According to an ET report citing industry analysts, the sanctions imposed by the United States are expected to reduce Reliance Industries' EBITDA by approximately ₹3,000-3,500 crore. Earlier, India relied heavily on Middle Eastern imports. However, after the Russia-Ukraine war began in early 2022 and the G7 imposed a $60-per-barrel price ceiling on Russian oil revenues, India shifted focus to procuring Russia’s crude available at heavy discounts.

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