Reliance had consumed on an average around 583,000 barrels per day of Russian crude oil in 2025
| Photo Credit:
YORUK ISIK
India’s crude oil imports from Russia are expected to decline in January 2026 as Reliance Industries (RIL) informed on Tuesday that it has not procured any cargoes from Moscow in the current month, a development that eroded ₹95,000 crore from its market cap at the end of today’s stock market trading.
“Reliance Industries’ Jamnagar refinery has not received any cargo of Russian oil at its refinery in the past three weeks approx. and is not expecting any Russian crude oil deliveries in January,” said the oil-to-chemicals conglomerate, which consumed on an average around 583,000 barrels per day of Russian crude oil in 2025.
By the end of Tuesday, RIL shares closed at ₹1,507.70 a share, a decline of 4.42 per cent from its previous close. During intra-day, its scrip fell by 5 per cent to hit a low of ₹1,497.05 on the BSE. The stock had hit an all-time high of ₹1,611.20 on Monday. Tuesday’s decline is the biggest fall since June 4, 2024.
India’s largest private sector refiner is a major consumer of Russian crude oil, which it processes into diesel, petrol and jet fuel and exports to markets in the European Union and the US.
In November 2025, RIL said that it stopped importing Russian crude oil into its SEZ refinery with effect from November 20. From December 1, all product exports from the SEZ refinery will be obtained from non-Russian crude oil. Besides, all pre-committed lightings of Russian oil are being honoured, with the final cargo loaded on November 12.
In October last year as well, RIL had said that it was assessing the impact of sanctions imposed by the US, European Union and the UK on crude oil imports from Russia and export of refined products to Europe. It also assured to comply with EU guidelines as well as any guidance from India.
In the meantime, Washington has been consistently increasing pressure on India to stop imports of Russian crude oil.
On Monday, US President Donald Trump said that India is buying less oil from Russia because Prime Minister Narendra Modi is a “good guy” and wants to make him happy. But he warned that Washington can raise tariffs on India “very quickly” if all purchases are not stopped.
Published on January 6, 2026
