The Indian energy giant Reliance Industries has stated that it does not expect shipments of crude oil from Russia in January and has not received such cargoes in the past three weeks. The company, which was recently a leading importer of Russian oil both in India and globally, categorically denied reports that three vessels carrying Russian oil are heading to its refinery.
This is reported by Finway
Sanctions and tariffs increase pressure on Russian oil
Due to intensified sanctions from the United States and the European Union, shipments of Russian oil to India have significantly decreased. In December 2025, import volumes fell to their lowest levels in the past three years. Additionally, the United States has warned that it may raise tariffs for India if the country does not reduce its purchases of Russian oil in accordance with Washington’s demands.
“The Indian holding Reliance Industries stated that it does not expect shipments of Russian crude oil in January and has not received such cargoes in the past three weeks. The holding, which was previously the largest buyer of Russian oil both in India and globally, refuted Bloomberg’s report that three vessels loaded with Russian oil are heading to its refinery.”
Record drop in Urals prices
The price of Russian oil exported by sea has fallen to its lowest levels since the full-scale invasion of Ukraine by Russia on February 24, 2022. Urals crude is currently trading at below $35 per barrel in both the Baltic and Black Seas. This is only about 60% of the price at the beginning of October 2025. In the four weeks ending January 4, 2026, Russia’s average weekly revenue from oil exports dropped to $960 million, which is 10% less than in the comparable previous period ending December 28.