Reliance Eyes Diversifying Oil Amid EU Sanctions

25 Jul 2025 CW Team

India’s Reliance Industries Ltd. is facing fresh scrutiny over its oil procurement strategy following new European Union restrictions on diesel produced from Russian crude. The private refiner, owned by billionaire Mukesh Ambani, made a rare purchase of Abu Dhabi’s premium Murban crude late last week, just after the EU’s latest sanctions package was announced. Traders noted that Reliance typically avoids the costlier UAE grade, favouring discounted Russian Urals and heavier Middle Eastern varieties.

According to sources familiar with the matter, Reliance has begun exploring alternative crude sources beyond Russia, which has been its largest oil supplier this year. The individuals, who requested anonymity due to the sensitivity of the matter, said the company appears to be gradually adjusting its procurement mix in response to evolving geopolitical risks.

Ship-tracking data from Kpler shows that Russian oil accounted for nearly 50 per cent of Reliance’s crude imports so far in 2025, while about 20 per cent of its refined fuel exports were shipped to Europe. The EU’s new restrictions, effective from 21 January next year, aim to curb the indirect sale of Russian-origin fuel to European markets—placing Reliance under closer regulatory observation.

Reliance, along with other Indian refiners, has been a major beneficiary of discounted Russian crude following the 2022 Ukraine conflict, which allowed Indian firms to maximise margins by exporting diesel to Western countries. However, with mounting regulatory pressure, traders believe Reliance may be testing the waters with alternatives from the Middle East, though it remains uncertain how it plans to replace up to 600,000 barrels per day of Russian crude—and at what price.

Meanwhile, India has expressed concern over the EU’s widening sanctions. Foreign Secretary Vikram Misri called for a “balanced” approach regarding secondary restrictions on Russian oil and gas trade during remarks on Tuesday.

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