Reliance Halts Russian Crude, India’s January Imports Set to Slide

India’s Russian oil imports are expected to fall sharply in January after Reliance Industries, the country’s largest buyer of Russian crude, said it does not expect any deliveries during the month. Reliance, which operates the world’s biggest refining complex at Jamnagar, confirmed it has not received Russian oil for nearly three weeks, contradicting reports that vessels were en route to its refinery.

The move follows renewed pressure from the United States, where President Donald Trump warned of higher tariffs on Indian goods if New Delhi continues heavy purchases of Russian oil. India had emerged as the largest buyer of discounted Russian seaborne crude after the Ukraine war began in 2022, but recent sanctions and trade tensions have begun to curb flows. Imports of Russian oil are now expected to dip below 1 million barrels per day in January, down from about 1.2 million bpd in December and nearly 2 million bpd at their peak last year.

With Reliance stepping back, Russian oil supplies to India in January are likely to be limited to Nayara Energy and state-run refiners such as Indian Oil Corp and Bharat Petroleum, according to preliminary data. Nayara, which is partly backed by Russian interests and constrained by EU sanctions, is expected to remain the main buyer, while overall inflows continue to slow amid tighter Western restrictions and ongoing India–U.S. trade negotiations.

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