Reliance Industries Ltd. is moving to purchase Russian crude oil following a temporary US license granted to India, according to a person familiar with the matter. The refining giant intends to process these barrels at its domestic-focused facility, while its export plant will continue using other grades. This waiver represents a sharp shift from the Trump administration's prior pressure on New Delhi.

Last year, Reliance was India's largest buyer of Russian oil, importing nearly 600,000 barrels a day. Purchases have since dropped to about a tenth of that rate after an EU ban on products made from Russian crude. The US license, issued late Thursday, covers cargoes loaded before March 5 and aims to alleviate supply pressures amid Middle East disruptions.

Ship-tracking data shows about 15 million barrels of Russian oil are already idling on tankers in the Arabian Sea and Bay of Bengal, with another 7 million near Singapore. This stored supply allows Indian refiners to quickly ramp up imports. The waiver provides immediate relief for a key buyer as it navigates sanctions and seeks to secure feedstock amid volatile global energy markets.