RoydadNaft –  Reliance Industries, India’s top buyer of Russian crude, will halt its long-term import of nearly 500,000 barrels per day from Rosneft due to U.S. sanctions, potentially impacting global oil markets. The company’s massive 1.4 million bpd refining complex also sources Russian oil from the spot market.

Privately-owned Reliance Industries will stop importing oil under its long-term deal to buy nearly 500,000 barrels per day of crude from Russian oil major Rosneft, after the oil producer was sanctioned by the United States, two sources with direct knowledge of the matter said on Thursday.

Reliance, the top Indian buyer of Russian crude, also buys Russian oil from the spot market for its refining complex, the world’s biggest, with a capacity to process 1.4 million bpd of oil.