India's leading refiner receives U.S. approval to resume Venezuelan oil imports.

India’s largest privately owned refiner, Reliance Industries, has obtained U.S. approval to resume importing crude oil from Venezuela despite the sanctions on the South American country, citing sources.

Individuals familiar with the matter told the outlet that the Indian refiner plans to start purchasing Venezuelan crude soon.

As the operator of the world’s largest refining complex, Reliance accounted for about 90% of India’s crude imports from Venezuela after the sanctions were temporarily lifted last year, according to data intelligence firm Kpler.

Washington suspended restrictions on Venezuela’s crucial energy industry after President Nicolas Maduro and the opposition agreed in October to hold a free and fair election in 2024, monitored by international observers.

However, the sanctions were reinstated in April after the U.S. claimed that Maduro had failed to adhere to democratic principles in the lead-up to the election. Maduro’s government, in turn, accused Washington of violating the 2023 Qatar-brokered accord.

Venezuela has been under U.S. sanctions for over 15 years. Washington refused to recognize Maduro as the country’s president following the 2018 election, instead declaring the head of the National Assembly, Juan Guaido, as the interim leader. In 2019, Guaido called for a popular uprising against Maduro, which ultimately failed. He then moved to Miami under U.S. protection.

Since April, international oil companies have been applying for permits from the U.S. Treasury Department to continue doing business in Venezuela.

According to data from Kpler, Venezuela’s crude exports rose to 654,000 barrels per day last month, the highest since April 2020.

In addition to Reliance, ONGC Videsh, the overseas investment arm of India’s state-owned Oil and Natural Gas Corporation, has also applied for waivers to import crude from Venezuela.