Several Indian billionaires buy crude oil from Russia and sell it to different markets, including India. But the recent US sanctions on two Russian oil firms have forced them to suspend the purchase. One such Indian who runs an oil refinery in India through a joint venture is Lakshmi Mittal, whose HPCL-Mittal Energy Ltd (HMEL) has suspended purchases of Russian crude oil.

Who is Lakshmi Mittal?

Lakshmi Mittal is a steel tycoon whose Mittal Energy Investments has a joint venture with state-run Hindustan Petroleum Corporation Ltd (HPCL) called HPCL-Mittal Energy Ltd (HMEL). HMEL operates a 9 million tonnes a year oil refinery at Bhatinda in Punjab. It is the first Indian firm to officially announce suspension of purchase of Russian crude after the US sanctioned two of Moscow's biggest

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