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India's Reliance Refining to Halt Oil Imports from Iran
(Reuters) Nidhi Verma, Alex Lawler - India's Reliance Industries Ltd, owner of the world's biggest refining complex, plans to halt oil imports from Iran, in a sign that new U.S. sanctions are forcing buyers to shun oil purchases from Tehran. Reliance's move is expected to take effect in October or November. Reliance, an Indian conglomerate controlled by billionaire Mukesh Ambani, has significant exposure to the financial system of the United States, where it operates some subsidiaries that are linked to its oil and telecom businesses among others. Global insurers have already warned about doing business with Iran, while some shipping lines have said they would not take new bookings for Iran.