Reliance Industries Ltd (RIL), one of India’s largest importers of Russian crude oil, said on Friday that it is closely assessing the implications of the new restrictions imposed by the European Union, the United Kingdom, and the United States on Russian crude and refined products.
In a statement, the company said, “We have noted the recent restrictions announced by the European Union, the 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.”
The company added that it will fully comply with the EU’s guidelines governing refined product exports to 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,” it said.
US President Donald Trump has introduced Ukraine-related sanctions against Russia in his second term, reflecting growing frustration with Vladimir Putin. The measures focus on major Russian oil companies Lukoil and Rosneft.
Reliance Industries, India’s largest buyer of Russian crude, is among the companies affected. It sources Russian oil both through long-term deals and spot purchases for its massive refinery complex, one of the largest in the world, with a processing capacity of about 1.4 million barrels per day.
Reliance, which operates the world’s largest refining complex at Jamnagar, Gujarat, reaffirmed its commitment to maintaining its “longstanding and impeccable record” of compliance with global sanctions and regulatory frameworks. “As is customary in the industry, supply contracts evolve to reflect changing market and regulatory conditions. Reliance will address these conditions while maintaining relationships with its suppliers,” the company added.
The conglomerate expressed confidence that its diversified crude sourcing strategy would ensure continued stability in refinery operations to meet both domestic and export requirements, including shipments to Europe.
RIL currently has a long-term agreement to purchase about 500,000 barrels per day (bpd) of crude from Russian oil major Rosneft and also sources additional volumes through intermediaries.
According to a Reuters report, Reliance said on Thursday it is “recalibrating” its Russian oil imports and will “fully comply” with Indian government directives. Several Indian refiners are reportedly planning to reduce Russian crude purchases amid mounting Western scrutiny and fresh U.S. sanctions on two major Russian producers aimed at curbing Moscow’s war revenues.
