Reliance assessing impact of restrictions on Russian crude amid tightened US and EU rules

Reliance Industries said on Friday that it is assessing the impact of new restrictions from the European Union, United Kingdom and United States on Russian crude imports and exports of refined products to Europe.

The company added that it will adhere to EU rules on product imports and comply with any directives issued by the Indian government.

The announcement comes amid tightened U.S. sanctions on major Russian oil firms, including Lukoil and Rosneft, which have prompted a review of India’s approach to Russian oil imports and its broader energy strategy.

A RIL spokesperson said “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,” he said.

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, he added.

“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."

The company further said that 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.”