India's Reliance Industries, which owns the world's largest refinery, has
stopped imports of Iranian crude oil, as the US plans to impose new sanctions
on Iran's oil sector starting November 4.
The move comes ahead of the anticipated US sanctions that aim to stop Iran from intensifying conflicts in the region and pushing the clerical regime to negotiate over its ballistic missile program.
Reliance is heavily exposed to the financial system in the United States, where some of its subsidiaries operate.
In May, a well-informed source said the company's decision to stop its purchases of Iranian crude from October or November came after advice from its insurance companies.
According to Reuters, Reliance imported 2 million barrels of Iranian oil last September, ship tracking data obtained from sources showed.