India’s imports of Russian crude oil are set to fall sharply, potentially hitting their lowest level in years, after Reliance Industries Ltd said it does not expect any Russian oil deliveries in January. The move marks a significant shift, as Reliance was the country’s largest buyer of Russian crude through much of last year.
In a statement posted on X on January 6, Reliance said its Jamnagar refinery—the world’s largest refining complex—has not received any Russian oil cargo for nearly three weeks and has no deliveries scheduled for the rest of the month. The company also refuted a recent Bloomberg News report that claimed three vessels carrying Russian crude were en route to Jamnagar.
“With no cargo received in the past three weeks and none expected in January, reports suggesting incoming shipments are incorrect,” the company said, clarifying its current procurement position.
The pause is expected to significantly impact India’s overall Russian oil intake, as January deliveries may now be limited largely to Russia-backed Nayara Energy. Reliance’s Jamnagar complex alone accounts for a substantial share of India’s refining capacity, making its sourcing decisions closely watched by global oil markets.
The statement from Reliance came against the backdrop of rising geopolitical pressure. US President Donald Trump recently warned that the United States could further raise tariffs on India in response to continued imports of Russian oil. While Reliance did not directly link its decision to the remarks, the timing has drawn attention amid increasing scrutiny of energy trade flows involving Russia.
Market reaction to the announcement was swift. On Tuesday, Reliance Industries shares fell as much as 5.09 percent, hitting an intraday low of ₹1,497.05 on the BSE, even as the benchmark Sensex traded mixed. The decline reflected investor concerns over potential disruptions to crude sourcing strategies and broader geopolitical risks.
Reliance’s pullback underscores how global politics and trade tensions are reshaping energy supply chains. Over the past two years, India emerged as one of the largest buyers of discounted Russian crude, benefiting from favorable pricing. A sustained reduction in imports from Russia could prompt refiners to rebalance their crude baskets, potentially increasing reliance on supplies from the Middle East and other regions.
For now, Reliance’s decision signals a cautious approach, with implications not just for India’s oil import mix, but also for global crude trade dynamics in the months ahead.
