Reliance to cut oil imports as US slaps sanctions on Russia's top energy firms: Report

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. 

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 downplayed the impact, calling Russia “immune” to the sanctions, the action marks a sharp turn in Trump’s stance. He had earlier resisted sanctions unless Europe stopped purchasing Russian oil. 

Ukrainian President Volodymyr Zelensky welcomed the decision, calling it a “resolute and well-targeted” move. “It is a strong and much-needed message that aggression will not go unanswered,” Zelensky posted on X, as he arrived in Brussels. 

The US announcement coincided with the EU’s 19th sanctions package, which accelerates a ban on Russian liquefied natural gas to 2027, blacklists over 100 vessels from Russia’s “shadow fleet,” and restricts travel for Russian diplomats linked to espionage.