Reliance Industries to halt oil imports from Iran from Oct-Nov


Reliance Industries to halt oil imports from Iran from Oct-Nov

India’s Reliance Industries Ltd, owner of the world’s biggest refining complex, plans to halt oil imports from Iran, two sources familiar with the matter said, in a sign that new U.S. sanctions are forcing buyers to shun oil purchases from Tehran.

Reliance’s move, expected to take effect in October or November, came after U.S. President Donald Trump abandoned a 2015 nuclear agreement this month and ordered the reimposition of U.S. sanctions on Tehran.

Some sanctions take effect after a 90-day “wind-down” period ending on Aug. 6, and the rest, notably on the petroleum sector, after a 180-day “wind-down period” ending on Nov. 4.

India has said it does not follow U.S. sanctions but companies with links to the U.S. financial system could be liable to penalties if they do not comply. Read More

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