Indian Oil Imports: A Shift in Russian Crude Dynamics

Reliance Industries has paused Russian crude purchases, while state-run and smaller refiners increase imports amid discounts. India's overall Russian oil imports dipped due to sanctions affecting major exporters like Rosneft. Reliance and other refiners opt for newer trading channels to maintain compliance post-sanctions.

In a striking shift, Reliance Industries Ltd, India's largest buyer of Russian crude oil, has halted purchases from the Kremlin in January. Meanwhile, state-run refiners have ramped up imports, seizing massive discounts of up to USD 7 per barrel, significantly above mid-2025 levels.

Reliance, previously named the world's top buyer of seaborne Russian oil at 600,000 barrels daily in 2025, reported zero purchases in January's first three weeks, industry insiders and ship-tracking data confirmed.

However, Indian Oil Corporation (IOC) set its record high with an average of 470,000 barrels per day. In response to U.S. sanctions, Indian refiners are transitioning to non-sanctioned intermediaries, maintaining compliance and diversifying supply channels.

(With inputs from agencies.)