HPCL-Mittal halts Russian oil purchase

Indian state-backed refiner HPCL-Mittal Energy has halted purchases of Russian crude after US President Donald Trump imposed sanctions on Moscow’s two largest oil companies, the firm said.

- Agencies

AFP reports that HPCL-Mittal Energy Limited (HMEL), a joint venture between steel tycoon Lakshmi Niwas Mittal and state-run Hindustan Petroleum Corporation Ltd (HPCL), said it had “taken the decision to suspend further purchases of Russian crude”.

The statement, issued Wednesday, said last week the decision came after “recent announcements of new restrictions on imports of crude oil from Russia” by the United States, European Union and United Kingdom.

"HMEL's business activity is in-line with Indian government and energy security policy," the statement added.

Reliance Industries, the privately-owned main Indian buyer of Russian crude, said last week it was assessing the implications of Washington's restrictions, as well as those imposed this week by the European Union.