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The European Union has imposed a ban on the import of Russian oil from third countries which means no EU nation can now import Russian-origin crude or refined products irrespective of where it is processed or shipped from. This move can impact India which was exporting around $15 billion of refined petroleum products annually to European markets. With this new restriction that entire revenue stream is now at risk. EU’s Move Hits India Hard In recent weeks former U.S. President Donald Trump had made statements of curbing trade in Russian oil but they had little impact on countries like India and China. However the EU’s latest decision has given a serious blow to Mukesh Ambani. On Monday after the EU’s announcement Reliance Industries Ltd (RIL) shares declined over 3% wiping out more than Rs 66000 crore in market capitalisation. The new EU rule bans the import of Russian oil even if it is refined in a third country like India. This directly affects companies like Reliance Industries one of India’s largest exporters of refined crude oil products to Europe. India’s Oil Trade With Russia and Europe According to reports India exported $19.2 billion worth of petroleum products to the EU in FY24. However in FY25 this number dropped by 27.1% to $15 billion after growing scrutiny over the origin of crude used. At the same time India imported $50.3 billion of crude oil from Russia in FY25 so Russian oil now accounts for over 44% of India’s total crude basket. Big Blow To Reliance Industries The impact can be seen on Reliance Industries which has become the largest importer of Russian crude oil. In December 2024 RIL signed a 10-year deal with Russia’s Rosneft to import around 500000 barrels per day of Russian crude at around $13 billion annually. This move helped RIL to refine the cheaper Russian crude and export the high-margin products especially diesel to Europe. As of October 2024 Reliance was importing an average of 405000 barrels per day from Russia which was over one-third of its total crude oil intake. With Russian crude priced $3–4 per barrel cheaper than Middle Eastern grades RIL had been benefiting from healthy refining margins and strong demand in European markets. But the EU’s ban has now threatens this business model. Reliance Industries Lost 66000 Crore  After the EU’s decision Reliance shares fell sharply. On the BSE RIL stock closed at Rs 1428.20 down 3.29% from the previous close. During the session it hit a day’s low of Rs 1423.05. The stock had opened at Rs 1474.95 slightly below its previous close of Rs 1476.85. The decline resulted in a massive hit to Reliance’s market capitalisation. On Friday the company’s market cap was at Rs 1998543.22 crore. By the end of Monday’s trading session it had fallen to Rs 1932707.74 crore which was a drop of Rs 65835.48 crore in a single day.