Reliance Industries is an Indian company, the country's largest holding company.
India's Reliance, operator of the world's biggest refining complex, will not buy Russian oil loaded on tankers operated by Sovcomflot after recent U.S. sanctions. India's Reliance Industries, opens new tab, operator of the world's biggest refining complex, has signed a one-year deal with Russia's Rosneft to buy at least 3 million barrels of oil a month in roubles. Reliance imported 17.3% more Russian oil in March 2025 as against February 2025.
Intention to avoid Russian fuel import (not verified). Buying Russian fuel. According to the analytical company, over the past two months, the largest buyers of Russian oil were the Indian state company Indian Oil Corp. and the country's largest holding Reliance Industries Ltd. India's Reliance refusing Sovcomflot oil shipments after sanctions, sources say. Billionaire Mukesh Ambani's Reliance Industries Ltd earned 724 million euros (about 6,850 crore rupees) in a year from exporting fuel made from Russian crude to the US, a report by a European think tank said. "From January 2024 to the end of January 2025, the US imported 2.8 billion euros of refined oil from six refineries in India and Turkey that process Russian oil. About 1.3 billion euros of this was processed from Russian oil," the report by the Centre for Research on Energy and Clean Air (CREA) said. US imports of fuel such as petrol and diesel from Jamnagar in Gujarat, where Reliance's twin refineries are located, were 2 billion euros. Of this, "€724 million (estimated) will be processed from Russian crude oil," the report said.