RIL says it will follow EU guidelines on oil imports while assessing the impact of new sanctions on Russian crude and refined products.
Mumbai: Reliance Industries Limited (RIL) said it will follow the European Union’s (EU) guidelines on the import of refined oil products into Europe. The company is currently assessing the impact of the latest restrictions imposed by the EU, United Kingdom and United States on crude oil imports from Russia and export of refined products to Europe.
RIL added that it will also comply with any future directions issued by the Government of India on this matter.
Commitment to compliance and energy security
In a statement, Reliance said it remains committed to maintaining its strong track record of adhering to sanctions and regulatory frameworks.
“Reliance has consistently aligned itself with India’s energy security objectives,” the company said.
The firm noted that its refinery operations will be adapted to meet new compliance requirements while ensuring stable supplies for both domestic and export markets.
RIL stated that it will update its supply contracts to reflect changing market and regulatory conditions. The company expressed confidence that its diversified crude sourcing strategy will continue to ensure reliability in operations and supply stability.
Global sanctions context
The European Union has recently adopted its 19th sanctions package against Russia, targeting banks, crypto exchanges and entities in several countries, including India and China. The United States has also imposed fresh sanctions on Rosneft and Lukoil, Russia’s largest oil companies, as part of efforts to cut off funding for the ongoing war in Ukraine.
EU foreign policy chief Kaja Kallas said the new measures make it increasingly difficult for Russian President Vladimir Putin to finance the conflict.
Meanwhile, Ukrainian President Volodymyr Zelenskyy announced that the EU will continue providing financial support to Ukraine through 2027, with progress also made on defence and energy cooperation.
ANI
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