Reliance Industries has denied a Bloomberg report claiming fresh Russian crude shipments to its Jamnagar refinery.
The clarification comes amid heightened scrutiny as the US imposed 50% tariffs on Indian goods, including a penalty linked to India’s purchases of Russian oil.
Reliance was India’s largest buyer of Russian crude in 2025,but it stopped importing the oil for its Jamnagar unit in November to comply with upcoming EU bans.
Reliance Industries Limited (RIL) has strongly denied a media report that claimed the company had received fresh shipments of Russian crude oil at its Jamnagar refinery, calling the report “completely untrue” and damaging to its reputation.
The report, published by Bloomberg News, cited data from oil-tracking firm Kpler and claimed that at least three oil tankers carrying around 2.2 million barrels of Russia’s Urals crude were heading to Reliance’s Jamnagar refinery. Bloomberg said these cargoes were expected to arrive early this month, while also noting that shipping destinations can change before final delivery.
1 January 2026
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Responding to the report, Reliance said it has not received any Russian oil shipments in the past three weeks and is not expecting any deliveries in January.
“We are deeply pained that those claiming to be at the forefront of fair journalism chose to ignore our clear denial and published a wrong report that tarnishes our image,” the company said in a statement.
The company’s shares fell sharply on Tuesday, slipping up to 5% to an intraday low of ₹1,498.04 from the previous close of ₹1,577.45. The stock opened slightly lower at ₹1,575.55 but continued to decline as strong selling pressure pushed up trading volumes.
The clarification comes at a sensitive time, as India faces higher US tariffs linked to its purchases of Russian oil.
In August 2025, the Donald Trump administration imposed 50% tariffs on certain Indian goods, which included a 25% penalty linked to India’s purchase of Russian oil and defence equipment. The US has argued that such trade supports Russia’s war on Ukraine, a charge India has repeatedly denied.
Since the start of the Russia–Ukraine war in 2022, India’s imports of discounted Russian oil have reportedly risen sharply. Russian crude accounted for just 2.5% of India’s oil imports before the war, but this rose to nearly 36% in 2024–25.
Reliance has been widely reported as India’s largest buyer of Russian crude. For much of 2025, particularly between October and November, the company was estimated to be buying around half of India’s total Russian oil imports, which stood at roughly 1.7 million barrels per day.
In December 2024, Reliance reportedly signed a long-term supply agreement with Russia’s state-owned Rosneft for up to 500,000 barrels per day for 25 years, alongside purchases made through spot market deals.
However, in November 2025, Reliance stopped importing Russian crude for its export-only refinery unit at Jamnagar. This step was taken to comply with a European Union ban on fuel made from Russian oil through third countries, which comes into force on January 21, 2026. The move also aligned with US sanctions on major Russian oil producers Rosneft and Lukoil, which took effect from November 21, 2025.
“This transition was completed ahead of schedule to ensure full compliance with upcoming product-import restrictions,” Reliance had said at that time.
Apart from Reliance, Russian oil is also bought by other Indian refiners, including Rosneft-backed Nayara Energy, and state-run firms such as Indian Oil Corporation, Bharat Petroleum, Hindustan Petroleum, Mangalore Refinery and Petrochemicals, and HPCL-Mittal Energy.
