Reliance Industries Pivots Back to Russian Oil with U.S. Waiver

Core Viewpoint - Reliance Industries, India's largest private refiner, is exploring the purchase of Russian crude oil following a temporary license issued by the U.S. Treasury, allowing Indian refiners to buy Russian crude loaded on vessels before or on March 5, 2026 [1][3]. Group 1: Market Context - India is the world's third-largest crude importer, relying on Middle Eastern supply for approximately 60% of its imports, which has been disrupted due to the ongoing conflict in Iran and related regional tensions [2]. - The U.S. Treasury's Office of Foreign Assets Control (OFAC) has issued a general license permitting Indian refiners to buy Russian crude, with around 15 million barrels of Russian crude currently on tankers near India and an additional 7 million barrels near Singapore [3]. Group 2: Company Strategy - Reliance Industries previously imported over 500,000 barrels per day of Russian crude under a long-term deal with Rosneft but halted purchases following U.S. sanctions in October 2025 [4]. - The company plans to utilize the one-month window provided by the U.S. license to purchase Russian crude for processing at its refinery for the domestic market, while a separate unit will continue to use non-Russian crude for export [5][6].