Company Rejects Bloomberg Report
Reliance Industries Limited has denied a Bloomberg report that claimed three tankers carrying Russian crude oil were headed to its Jamnagar refinery in Gujarat. The company termed the report “blatantly untrue” and said it was concerned about the reputational damage caused by what it described as incorrect reporting.
Clarification on Crude Supplies
In an official statement posted on X, Reliance said its Jamnagar refinery has not received any Russian crude cargoes in the past three weeks and is not scheduled to receive any such deliveries in January 2026. The company added that vessel tracking signals only indicate potential destinations and should not be interpreted as confirmation of crude purchases or actual deliveries.
What the Report Alleged
Bloomberg had reported on January 2 that three vessels carrying around 2.2 million barrels of Russian crude were en route to Jamnagar. The report cited data from Kpler, a ship-tracking and commodities analytics firm, and suggested that Reliance may have resumed Russian oil imports after earlier reducing volumes amid tighter Western sanctions.
Sanctions Backdrop
The report emerged against the backdrop of stricter sanctions by the United States and the European Union on Russian oil, including curbs on shipping, insurance and financial services linked to such trade. In August 2025, US President Donald Trump imposed an additional 25 percent tariff on India for importing Russian crude, taking the total levy to 50 percent.
Impact on Indian Refiners
Indian refiners, including Reliance, have since been recalibrating their crude sourcing strategies. Companies have increasingly turned to supplies from West Asia, Africa and other regions to offset reduced Russian volumes while ensuring stable refinery operations.
Market Context
Reliance operates the Jamnagar complex, the world’s largest refining hub. Any change in its crude procurement strategy is closely watched by global oil markets, given the scale of its operations and India’s position as a major energy consumer.
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