Indian Oil and Nayara Increase Russian Crude Imports as Reliance Pauses Amid US Sanctions

India's imports of Russian crude oil declined about 30% in early January due to US sanctions targeting Russian suppliers like Rosneft and Lukoil. While Reliance Industries, previously the largest buyer, has paused Russian oil purchases, state-run Indian Oil Corporation and Rosneft-backed Nayara Energy increased their intake, accounting for over 80% of India's Russian crude imports. Discounts on Russian Urals crude have deepened amid reduced demand from Indian and Chinese buyers, affecting the overall import dynamics.