India's Russian oil imports set to plunge as top buyer halts January deliveries

Reuters reported the information.

The Mumbai-based conglomerate, which operates the world's largest refining complex in Jamnagar, said Tuesday it has not received any Russian crude shipments for approximately three weeks and does not anticipate any deliveries throughout January. The statement, posted on X, came days after President Donald Trump warned the United States could impose additional tariffs on India over its continued purchases of Russian oil.

"Reliance Industries's 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," the company said, also denying reports from last week that three vessels carrying Russian oil were en route to its facilities.

India became the largest buyer of discounted Russian seaborne crude following Moscow's invasion of Ukraine in 2022, a move that has drawn criticism from Western nations. The U.S. doubled tariffs on Indian goods to 50% last year, citing India's substantial Russian oil purchases as undermining international efforts to pressure Moscow economically. Washington and New Delhi are currently engaged in trade negotiations that have proven contentious at times.

The sharp reduction in Russian oil flows reflects both mounting diplomatic pressure and stricter Western sanctions. India's Russian crude imports fell to approximately 1.2 million barrels per day in December, a three-year low and roughly 40% below the June peak of around 2 million bpd, according to analytics firm Kpler.

Indian authorities have reportedly requested weekly disclosures from refiners regarding their Russian and U.S. oil purchases as New Delhi seeks to secure a trade agreement with Washington. Sources familiar with the matter indicate India's Russian crude imports could drop below 1 million barrels per day.

With Reliance stepping back, January deliveries of Russian oil to India are expected to be limited primarily to Russia-backed Nayara Energy and state-run refiners Indian Oil Corp and Bharat Petroleum Corp. Nayara Energy, which operates a 400,000-barrel-per-day refinery, is positioned to become the main Indian buyer of Russian crude as EU sanctions have constrained its alternative supply options.