India’s Russian oil imports to fall sharply as Reliance Industries expects no delivery

India’s Russian oil imports are set to decline to the lowest in years Reliance Industries Ltd. said it’s not expecting any delivery in January.

“Reliance Industries’s Jamnagar refinery has not received any cargo of Russian oil at its refinery in the past three weeks approx. and is not expecting any Russian crude oil deliveries in January,” the company led by billionaire Mukesh Ambani said in a statement posted on X. The statement denied a Bloomberg News report from last week that said three vessels laden with Russian oil were heading towards Reliance’s Jamnagar refinery.