RIL says it will comply with US, UK, EU sanctions on Russian oil imports
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Reliance Industries on Friday said it will adapt its refinery operations to comply with the latest sanctions imposed by the United States, the United Kingdom and the European Union on the import of Russian oil.
In response to the restrictions, RIL said it "remains fully committed to maintaining its longstanding and impeccable record of adherence to applicable sanctions and regulatory frameworks and will be adapting the refinery operations to meet the compliance requirements".
Company assessing implications of new curbs
The oil-to-telecom conglomerate said that it is assessing the implications of restrictions announced by the Western allies on Russian crude and will align its operations to comply with "India’s energy security".
"We have noted the recent restrictions announced by the European Union, United Kingdom and the United States on crude oil imports from Russia and export of refined products to Europe. Reliance is currently assessing the implications, including the new compliance requirements. We will comply with the EU’s guidelines on the import of refined products into Europe. Whenever there is any guidance from the Indian government in this respect, as always, we will be complying fully. Reliance has consistently aligned itself with the objectives of ensuring India’s energy security," RIL spokesperson said in a post on X.
The announcement comes two days after the US President Donald Trump-led administration imposed sweeping sanctions on Russia’s largest oil producers — Rosneft and Lukoil — in a fresh bid to end the war in Ukraine.
The sanctions come as a jolt to private Indian refiners, particularly RIL, which holds a long-term contract to purchase nearly 500,000 barrels per day (bpd) of crude from Rosneft. By contrast, Indian state-run refiners have no term deals with Moscow and rely majorly on spot cargoes arranged through intermediaries.
RIL also added that the company will address the sanction conditions "while maintaining the relationships with its suppliers".
The latest round of sanctions is part of Washington’s broader effort to curb India’s imports of discounted Russian oil, which Trump has alleged help fund Moscow’s war in Ukraine. Trump also recently said he spoke with Prime Minister Narendra Modi and claimed that India would not be importing much oil from Russia. “He (Modi) wants to see that [Russia-Ukraine] war end as much as I do,” Trump said.
RIL's Russian oil imports
Russia accounts for 35-40 per cent of India’s crude oil imports by volume, with Rosneft and Lukoil alone contributing 60 per cent of that supply. Sanctions on the two Russian firms are expected to push up India’s annual oil import bill by $2.7 billion, according to a Business Standard report. RIL, which runs the world's largest refinery in Jamnagar in the western Indian state of Gujarat, accounted for around half of the country's 1.57 million bpd imports of Russian oil in September this year.
While awaiting any directions from the Indian government, RIL is expected to increase crude imports from West Asian nations. According to a Bloomberg report, following Washington’s sanctions on Russian oil majors, RIL purchased millions of barrels of crude from countries such as Saudi Arabia, Iraq, Qatar, and the United States.
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