Reliance Reviews Russian Oil Trade Amid New US, EU Sanctions: Report

• The company is said to be recalibrating its Russian crude oil imports to align with Indian government directives.
• On Wednesday, US President Donald Trump imposed fresh sanctions on two of Russia’s biggest oil companies.
• India is inching closer to sealing a long-pending trade agreement with the United States.

Reliance Industries (RIL) is reportedly planning to adjust crude imports from Russia to align with guidelines from the Indian government. This comes after the U.S. and Europe ramped up sanctions against Moscow. 

In a response to a Reuters query on cutting Russian oil imports, Reliance said that "Recalibration of Russian oil imports is ongoing and Reliance will be fully aligned to GOI (Government of India) guidelines on the extent of recalibration." 

At the time of writing, RIL shares traded 1% higher in early trade on Thursday. 

On Wednesday, US President Donald Trump imposed fresh sanctions on two of Russia’s biggest oil companies: Rosneft and Lukoil, as concerns over the Ukraine war escalated. Meanwhile, the European Union approved its 19th sanctions package, including a ban on Russian LNG imports.

A Reuters report also stated that Indian state refiners were reviewing their Russian oil trade documents to ensure no supply would be coming directly from these two Russian companies.

India Reduces Oil Imports

Data indicates that India’s import of Russian crude has been declining, even if it remains the biggest exporter. India is the second-largest importer of Russian oil after China.

Between April and September 2025, India imported around 1.75 million barrels per day of Russian crude, which accounted for 36% of total oil imports, down from 40% a year earlier. 

Trump has publicly stated that Indian Prime Minister Narendra Modi assured him of this commitment, describing the reduction as a gradual process with imports expected to be sharply cut, potentially down to almost nothing by year-end. However, India has not commented yet on a formal agreement to curb imports.

Trade Deal Breakthrough With US?

Meanwhile, reports suggest that India and the United States are on the cusp of finalizing a long-overdue trade agreement – a deal that could see tariffs reduced from around 50% to around 15% to 16%.

The deal, centered on energy and agriculture, may also involve India gradually reducing its imports of Russian crude oil by the end of the year. Meanwhile, Prime Minister Modi will attend the ASEAN Summit in Kuala Lumpur virtually next week, missing an in-person meeting with US President Trump at the regional leaders' summit in Malaysia.

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