Reliance Industries, a giant refining company in India, has received approval from the United States to resume importing oil from Venezuela, despite the continued sanctions imposed on the country by Washington.

Reliance is preparing to start buying Venezuelan crude oil soon after controlling 90% of India’s imports of Venezuelan crude oil last year when sanctions were temporarily eased.

This approval comes after Reliance and ONGC Videsh Ltd, the overseas investment arm of the state-owned Indian oil and Natural Gas Company, submitted applications for licenses from the US Treasury Department to continue trade with Venezuela.

The United States lifted sanctions on the gold and oil sectors in Venezuela last year after President Nicolas Maduro and the opposition signed an agreement to ensure free and fair elections.

The sanctions were re-imposed last April after Venezuela failed to fulfill its obligations under the agreement.

Venezuelan crude oil exports rose to 654,000 barrels per day last June, the highest level since April 2020, thanks to a special license granted by the United States to specific companies to continue drilling in the country.