The $60/barrel cap never worked. It merely helped India, and perhaps other buyers too, negotiate a better rate with Russian companies, estimated at about $5/b below the market rate. Interestingly, the biggest beneficiaries of Russian crude imports were the petroleum refiners in India and the western companies importing the petroleum products. In FY 2023, India exported $86.28 billion in petroleum, oil and lubricants (POL) products, making it the world's second-largest exporter. And the chief beneficiary has been the Mukesh Ambani-promoted Reliance Industries and its refinery complex at Jamnagar, Gujarat. The other refiner who has benefited from cheap Russian imports is Nayara Energy, in which Russian state oil giant Rosneft has a 49.1 percent stake. Nayara operates a refinery at Vadinar, Gujarat, near the Reliance complex. Most of these POL products were exported to the European Union, UK and the United States.