Reliance Industries, India’s largest conglomerate owned by billionaire Mukesh Ambani, has ceased importing Russian crude oil for its export-only refining unit in Jamnagar, Gujarat. This decision aligns with upcoming EU import bans and US sanctions, marking a significant shift in India's energy policy.

• Reliance Industries, India’s largest importer of Russian oil, previously accounted for approximately 50% of Russian oil flows into the country.
• The move complies with an EU ban on fuel imports made from Russian oil through third countries, effective next year, and US sanctions on major Russian oil producers.
• India’s purchases of discounted Russian oil surged from barely 2.5% of imports before 2022 to around 35.8% in 2024-25.