Reliance Industries Ltd, India’s largest buyer of discounted Russian oil, plans to scale back imports following fresh US sanctions on Moscow-linked firms, dealing a significant blow to billionaire Mukesh Ambani’s conglomerate.

State-run refiners, however, may continue purchases through intermediary traders for now, industry officials said.

Reliance, which operates the world’s largest single-site oil refining complex at Jamnagar in Gujarat, purchased about half of the 1.7-1.8 million barrels per day of discounted Russian crude shipped to India.

The company refines the crude into petrol, diesel and aviation turbine fuel (ATF), a large share of which is exported to markets such as Europe and the United States at market prices, generating strong margins.

All this may change after US Presid

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