New Delhi — US President Donald Trump’s tougher stance on Russian oil exports has dealt a major blow to Mukesh Ambani-led Reliance Industries Ltd. (RIL), one of the largest buyers of discounted Russian crude for its massive Jamnagar refinery in Gujarat.
The impact is already visible in the stock market. Reliance shares have dropped nearly 7% over the past month, and as of 2:38 p.m. on Tuesday, the stock was trading at ₹1,380, down 0.40%. This marks an 11% fall from its 52-week high of ₹1,551.
A Financial Times report noted that Reliance was among the biggest beneficiaries of discounted Russian crude. Amrita Sen, research director at Energy Aspects, said private refiners like Reliance gained more than state-owned firms such as Indian Oil and Bharat Petroleum, thanks to their higher exports of refined oil products. Sen estimated Reliance’s savings from buying cheap Russian oil at around $6 billion.
Until recently, the US did not oppose Russian oil imports priced under the G7’s $60-a-barrel cap — a measure designed to curb Moscow’s revenues while keeping global crude supplies stable.
India’s Petroleum Minister Hardeep Singh Puri has defended the country’s purchases, saying they have helped keep global energy prices in check.
“Russia produces over 9 million barrels a day. If that 10% of global supply disappeared, prices would have shot to $120-130 a barrel,” Puri told an international news channel.
He argued that India has been a “net positive contributor” to global price stability while balancing energy availability, affordability, and sustainability.
India has also maintained that Russian oil was never under global sanctions. “Decision-makers worldwide understood that by buying discounted oil under the price cap, India was actually helping stabilize the global market,” Puri added.
With inputs from IANS