India’s crude oil imports from Russia — once the world’s largest buyer of Moscow’s discounted seaborne crude — are poised for a significant drop in January 2026, potentially reaching their lowest levels in years. This comes after Reliance Industries Ltd., India’s top buyer of Russian oil and operator of the massive Jamnagar refining complex, said it does not expect any Russian crude oil deliveries this month.
Reliance confirmed it has not received a Russian oil shipment in the past three weeks and doesn’t expect any in January, a situation that could sharply reduce India’s total Russian oil imports. With Reliance stepping back, imports may be limited to a few state‑run refiners and other companies such as Nayara Energy that still have some supply capacity.
The announcement contributed to a rough day on the markets for Reliance, whose share price fell about 5%, wiping out more than ₹1 lakh crore ($12 billion) in market value as investors digested the implications of the shift.
New Delhi’s Russian oil purchases already slowed sharply in late 2025, falling to about 1.2 million barrels per day (bpd) in December — roughly 40% below mid‑2025 peak levels — as Western sanctions and political pressure reshaped energy flows.
The shift comes against a backdrop of intensifying U.S. pressure, with President Donald Trump warning India of possible additional tariffs on Indian goods if it fails to reduce its reliance on Russian oil. The move signals broader diplomatic and trade tensions tied to energy sourcing decisions.
India became a major outlet for Russian crude after Russia’s invasion of Ukraine in 2022, drawing criticism from Western nations that argue oil revenue supports Moscow’s war effort. However, the combination of sanctions, import diversification and strategic positioning in trade talks — particularly with the United States — is now reshaping the landscape for Indian refiners and fuel suppliers.
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Sources Reuters (via news feeds) The Economic Times (market reaction & context) Related reporting on geopolitical trade tensions
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