India’s Russian crude oil imports dipped marginally in early January 2026, with Reliance Industries Ltd (RIL) staying away from Kremlin-linked barrels even as state-run refiners sharply increased purchases, attracted by deep discounts, according to industry data and shipping records.
Reliance, India’s largest private refiner and the world’s biggest buyer of seaborne Russian crude in 2025 at around 600,000 barrels per day (bpd), has not purchased any Russian oil during the first three weeks of January, sources said. Ship-tracking data corroborated the absence of Russian cargoes to Reliance-owned refineries, said a report by the Economic Times.
Other private and joint-venture refiners—including HPCL-Mittal Energy Ltd (HMEL), Mangalore Refinery and Petrochemicals Ltd (MRPL) and Hindustan Petroleum Corporation Ltd (HPCL)—also stayed out of the Russian crude market during this period.
PSU Refiners Increase Intake Amid Attractive Discounts
In contrast, public sector refiners took advantage of discounts that widened to nearly $7 per barrel, almost three times the level seen in mid-2025.
Indian Oil Corporation (IOC) imported an average of 470,000 bpd in January, its highest-ever intake, up from 427,000 bpd in December 2025.
Bharat Petroleum Corporation Ltd (BPCL) raised imports to 164,000 bpd, compared with 143,000 bpd in the previous month.
Meanwhile, Nayara Energy, backed by Russian oil major Rosneft and facing EU sanctions that have limited its access to alternative suppliers, continued heavy sourcing from Russia, importing around 469,000 bpd in January.
Overall Imports Ease as Sanctions Bite
India’s total Russian crude imports fell slightly to 1.1 million bpd in the first three weeks of January, from 1.2 million bpd in December. This remains significantly below the 1.84 million bpd recorded in November 2025, reflecting the impact of US sanctions on Rosneft and Lukoil, which came into force on November 21.
According to Kpler analyst Sumit Ritolia, India’s Russian crude imports are expected to average around 1.2 million bpd in January 2026 and 1.3–1.5 million bpd in the first quarter.
“Nayara, BPCL and IOC bought fresh cargoes in January 2026, while others—Reliance, MRPL and HMEL—have stayed out for now,” Ritolia said.
Shift Toward Non-Sanctioned Intermediaries
Industry data shows Indian refiners are increasingly sourcing Russian crude through non-sanctioned intermediaries, rather than direct liftings from major Russian producers, to manage compliance risks.
“Direct deliveries linked to Rosneft and Lukoil are still happening but are now largely concentrated with Nayara,” Ritolia noted. Other refiners are selectively buying via newer trading entities such as Alghaf Marine, RusExport and other recently active intermediaries.
In January, nearly 60% of India’s Russian crude imports went to IOC and BPCL, with the remainder supplied to Nayara Energy. Rosneft supplied around 130,000 bpd, while Lukoil shipped about 103,000 bpd. The bulk of supplies came from unsanctioned exporters such as Surgutneftegas and RusExport.
Reliance, HMEL Stay Cautious
A Reliance spokesperson earlier confirmed that the company did not receive any Russian crude cargoes in January, adding that its December purchases were already half of November levels. HMEL, which averaged 153,000 bpd of Russian oil imports in 2025, is believed to have paused purchases due to potential risks to the Mittal Group’s global operations.
Nayara Remains Exposed to Russian Crude
“Nayara remains structurally more exposed to Russian crude than most Indian peers,” Ritolia said, citing its sanctioned status and reduced access to alternative feedstocks. Despite these constraints, the refinery has continued operating at 90–100% capacity, indicating stable crude sourcing.
On the products side, Nayara has been supplying large volumes of fuel domestically and has also shipped some cargoes overseas to a wider set of markets.
