The move marks a significant shift for India’s largest importer of Russian oil and comes as the company fast-tracks its transition to non-Russian crude for all SEZ exports starting December 1.
SEZ Refinery transition ahead of schedule
Reliance, which operates the world’s largest single-site refinery complex in Jamnagar with a crude processing capacity of 1.4 million barrels per day and a complexity index of 21.1, said the transition has been completed ahead of schedule. “From 1 December, all product exports from the SEZ refinery will be obtained from non-Russian crude oil,” the company said, emphasizing full compliance with EU product-import restrictions set to take effect on January 21, 2026.
The SEZ unit, which caters exclusively to exports to the European Union, the US, and other international markets, had received pre-committed Russian crude shipments until November 12. “All pre-committed liftings of Russian crude oil as of 22 October 2025 are being honoured, considering all transport arrangements were already in place,” RIL added.
Any cargo arriving after November 20 will now be processed at its domestic refinery unit serving the Indian market.
RIL stock performance
RIL shares have climbed roughly 27% so far in 2025, with a one-year gain of 25%, reflecting strong investor confidence in the conglomerate’s integrated energy and telecom businesses.
Technical indicators suggest the stock remains in bullish territory. It is currently trading above all eight key simple moving averages, including the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day SMAs.
However, caution is warranted as the Relative Strength Index (RSI) stands at 75.2, signaling an overbought condition and the potential for a short-term pullback. Meanwhile, the Moving Average Convergence Divergence (MACD) remains at 28.4, above both the center and signal lines, supporting the ongoing bullish trend.
Compliance with EU sanctions
The decision to halt Russian crude in the SEZ refinery is a proactive step to ensure uninterrupted access to key international markets while adhering to the EU’s sanctions targeting Russian energy revenues. “All operational activities ordinarily incident to such oil supply transactions can be completed, we believe, in a compliant way,” RIL said.
As Reliance navigates this geopolitical and regulatory shift, investors will be closely watching the impact on exports and refining margins in the coming quarters.
Also read | Reliance stops importing Russian crude for refinery operations
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