Overview
- Reliance said reports that three Russian crude cargoes are headed to its Jamnagar complex are “blatantly untrue,” adding it received no Russian oil in roughly three weeks and expects none this month.
- Bloomberg, citing Kpler tracking, reported at least three tankers with about 2.2 million barrels of Urals signaling Jamnagar, while noting vessel destinations can change as ships approach port.
- Reliance previously halted Russian crude at the export-oriented unit in November, and the tracking-based report named traders including Alghaf Marine and Redwood Global, entities linked to prior UK sanctions.
- Analytics show India’s Russian crude inflows fell to about 1.2 million barrels per day in December, with January volumes seen declining further as authorities seek weekly disclosures of Russian and U.S. purchases.
- State refiners IOC and BPCL and Russia-backed Nayara Energy continue limited buys via non‑sanctioned suppliers, as U.S. tariff threats intensify political and market pressure and Reliance shares fell up to around 5%.