Reliance Industries Navigates Western Sanctions on Russian Oil
Reliance Industries plans to adjust its refinery operations to comply with new sanctions imposed by the US and other Western nations on Russian oil. The company is evaluating the implications of these restrictions on crude imports and exports, remaining committed to adhering to all applicable regulations.
- Country:
- India
Reliance Industries announced its commitment to comply with the latest US and Western sanctions concerning Russian oil imports and exports, stating adjustments to refinery operations will be made to meet compliance requirements.
The conglomerate is currently assessing the impact of sanctions imposed by the European Union, the UK, and the US on crude oil imports from Russia and the export of refined products to Europe. An RIL spokesperson confirmed adherence to EU guidelines on importing refined products.
Following the US sanctions on Russia's major crude producers Rosneft and Lukoil, American entities are barred from business with these companies. Non-US firms face penalties for engaging with them, complicating matters as Russia supplies a substantial portion of India's crude. Indian refiners, including Reliance Industries, are expected to reduce direct dealings with Rosneft and Lukoil due to these restrictions.
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