Reliance Industries Ltd., one of India’s largest private refiners, has temporarily halted imports of Russian crude oil, despite having been a major buyer through most of last year. Data for January 2026 show that the company did not lift any Russian oil cargoes during the first three weeks of the month, marking a sharp shift from its earlier procurement strategy when it was processing significant volumes of discounted Russian barrels.
In contrast, India’s public sector oil companies have increased their intake of Russian crude, taking advantage of deeper price discounts that have emerged in recent weeks. State-owned refiners such as Indian Oil Corporation and Bharat Petroleum Corporation have raised purchases as Russian grades became more attractively priced compared to alternative supplies.
Nayara Energy, which has Russian participation in its ownership structure, has continued to import large quantities of Russian crude and remains one of the biggest buyers in the country.
Overall, India’s total imports of Russian oil have softened slightly compared to late 2025 levels, partly due to tighter sanctions on major Russian producers and logistical challenges. However, demand from government-owned refiners has helped cushion the decline, keeping Russia among India’s top crude suppliers.
Industry analysts expect Indian imports of Russian oil to remain steady in the coming months, with public sector refiners likely to account for a larger share of purchases while some private players stay cautious amid evolving geopolitical and compliance considerations.
