Good news for Mukesh Ambani: In a matter of good news for Mukesh Ambanis Reliance Industries India’s Reliance Industries Ltd has reportedly received a one-month concession from the United States for importing Russian oil. In the recent development a report carried by the Economic Times has claimed that Mukesh Ambanis Reliance Industries is continuing to receive oil shipments from Russia’s Rosneft despite US sanctions on the Russian oil producer after getting special permission. US sanctions on Russian energy companies For those unversed the US imposed sanctions on Russian energy companies Rosneft and Lukoil in October. Consequently companies dealing with them were given time until November 21 to wind down their transactions. Reliances long-term agreement with Russian energy company Rosneft Readers should note that Mukesh Ambanis Reliance has a long-term agreement with Russian energy company Rosneft where it can purchase about 500000 barrels of Russian oil per day for its 1.4 million barrels-per-day refining complex which is the largest in the world the report said. Responding to queries Reliance said these shipments are part of earlier agreements and are being completed in line with sanctions rules. The US Treasury Department declined to comment on the concession given to the Indian company the Economic Times report said. What Reliance said on importing oil from Russia? These are pre-existing transactions which are being wound down in a sanctions-compliant manner Reliance was quoted as saying by the ET report. The report also mentions Reliance stating that the final cargo under its Rosneft deal was loaded on November 12. Any Russian oil arriving after November 20 would be processed at its 660000 barrels-per-day refinery that mainly serves the Indian market. This approach allows Reliance to continue exporting fuel to the European Union from its separate 704000 barrels-per-day export-focused refinery.