Assessing impact of Western sanctions, focus on compliance and energy security: Reliance

Reliance Industries Ltd

Reliance Industries Ltd (RIL) on Friday said it is assessing the impact of new sanctions imposed by the European Union, the United Kingdom, and the United States on imports of Russian crude oil and exports of refined products to Europe.

A spokesperson of the company in a statement 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 the 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.”

The company reaffirmed its commitment to compliance, stating that it will adapt refinery operations in line with evolving regulatory norms.

“The company 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,” the spokesperson added.

Reliance Industries also indicated that it would recalibrate its supply contracts in response to changing market conditions while maintaining long-term supplier relationships.

“As is customary in the industry, supply contracts evolve to reflect changing market and regulatory conditions. Reliance will address these conditions while maintaining the relationships with its suppliers. Reliance is confident that its time-tested, diversified crude sourcing strategy will continue to ensure stability and reliability in its refinery operations for meeting the domestic and export requirements, including to Europe,” the company said.