India's richest man, Mukesh Ambani-led Reliance Industries, said it will stop importing Russian crude into its export-only Jamnagar refinery, effective Thursday. From Dec. 1, all exports will come solely from non-Russian sources.
The timing is striking. Trump’s sanctions on Russian oil giants Rosneft and Lukoil formally take effect on Friday, suggesting that Reliance’s pivot could be a nod to the U.S. political pressure.
Decade-Long Deal Shelved
Only a year ago, Reliance signed a 10-year agreement to buy 500,000 barrels per day of Russian crude.
The Jamnagar facility is among the largest single-site refineries in the world, with separate units for domestic and export markets. While all pre-committed Russian cargoes shipped up to Oct. 22 are being honored, the final such shipment is expected to leave by Nov. 12, the company said.
The Indian Ministry of External Affairs did not immediately respond to Benzinga’s request for comment.
Russian barrels will now be processed only in the domestic tariff area, ensuring that exports comply with upcoming EU restrictions on fuel made from Russian crude, effective in January next year.
Reliance is India’s largest importer of Russian oil, and accounts for around 50% of Russian oil flows into the country. Meanwhile, Europe accounts for 28% of Reliance’s exports.
See also: EU Steps Up Global Race for Critical Minerals, Follows US And Japan
Trump Pressure Still Looms
Journalist Suhasini Haidar of The Hindu highlighted the historical pattern in a post on X, saying, “7 years after zeroing out Iran and Venezuelan oil under US pressure, will the government soon announce India is zeroing out Russian oil too?”
Trump’s administration had slapped India with steep tariffs, including a 25% penalty linked to Russian oil purchases, which Trump says was funding Vladimir Putin‘s war on Ukraine. Although India has denied the charge, Reliance’s latest move could reflect long-standing U.S. pressure.
Oil refiners in India have been lowering their imports over the past couple of months, according to several reports.
Reliance cut purchases from sanctioned Russian suppliers by 13% in October, while sharply boosting monthly imports from Saudi Arabia to 87% and from Iraq to 31%, according to a Carnegie Endowment report.
Negotiations for a broader India–U.S. trade deal have been repeatedly strained by New Delhi’s Russian oil buying, but those tensions now appear to be easing after months of uncertainty.
The White House did not immediately respond to Benzinga‘s request for comment, but told the Washington Post that it welcomed Reliance’s move.
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