Indian oil giant Reliance to halt oil imports from Iran
NEW DELHI/LONDON - 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 US sanctions are forcing buyers to shun oil purchases from Tehran.
Reliance's move, expected to take effect in October or November, came after US President Donald Trump abandoned a 2015 nuclear agreement this month and ordered the reimposition of US 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 US sanctions but companies with links to the US financial system could be liable to penalties if they do not comply.
Reliance, an Indian conglomerate controlled by billionaire Mukesh Ambani, has significant exposure to the financial system of the United States, where it operates some subsidiaries that are linked to its oil and telecom businesses among others.
