RIL, Nayara account for a combined 69% of Russian oil shipments to India

Neither pressure from the US nor tightening European sanctions have made India step back from the purchase of cheap Russian crude oil, joining rival China to create financial lifelines for Russian President Vladimir Putin.

But the drive to feed on discounted Urals is led by private sector refiners, Reliance Industries and Russian Rosneft-controlled Nayara Energy, which after an initial hesitancy over the impact of sanctions on their operations, are embracing Russian crude oil.

The push by Reliance and Nayara to scoop up Russian Urals from the market propelled Russia to become India’s second biggest oil supplier last month, overtaking traditional