Reliance Industries Shares Jump 2% After US Grants 30-Day Waiver for Russian Crude
Mumbai, March 6, 2026: Shares of Reliance Industries Limited surged over 2% in early trade on the BSE and NSE following the announcement of a 30-day waiver by the US Treasury, allowing Indian refiners to continue importing Russian crude.
Reliance’s stock hit an intraday high of ₹1,424 per share on the BSE, reflecting investor optimism over the temporary relief in oil sourcing amid global sanctions on Russian crude.
US 30-Day Waiver Details
The US Treasury Department issued the waiver to ensure that Indian refiners can purchase Russian oil without violating sanctions. Treasury Secretary Scott Bessent confirmed the measure, emphasizing that it is intended to maintain stability in global oil supplies while giving Indian refiners operational flexibility.
This move comes after a brief period in which Indian imports of Russian crude had declined, as refiners navigated tariff pressures and compliance concerns. The waiver allows Indian refiners to resume planned shipments, potentially increasing Russia’s share in India’s crude imports over the short term.
Market Impact
Analysts note that the announcement provides immediate relief to Indian refiners, including Reliance, as it stabilizes crude supply for domestic refining operations. The news also injected positive sentiment into the broader energy sector, with investors responding to the clarity on crude sourcing and regulatory certainty.
Strategic Context
India has consistently sought exemptions from sanctions to maintain energy security and keep fuel supplies affordable. Reliance Industries, being a key player in India’s refining landscape, is likely to benefit from the waiver through uninterrupted operations at its Jamnagar and other refineries.
Market observers suggest that this temporary measure may influence crude sourcing strategies for other Indian refiners, ensuring continued inflow of high-grade Russian crude while the global energy market adjusts to ongoing geopolitical developments.