Reliance Industries says assessing implications of EU, UK and US restrictions on Russian crude imports

Reliance Industries said it was assessing the implications of restrictions placed on Russian crude imports by the European Union, United States and the United Kingdom. According to a Reliance spokesperson, “We have noted the recent restrictions announced by the European Union, United Kingdom and the United States on the import of crude oil 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 guidelines on importing refined products into Europe. Whenever there is any guidance from the Indian government in this regard, we will be fully compliant as always,” the spokesperson added. “Reliance has consistently aligned itself with the goals of ensuring India’s energy security. The company remains fully committed to maintaining its long-standing and impeccable record of compliance with applicable sanctions and regulatory frameworks and will adjust the refinery operations to meet the compliance requirements,” the spokesperson further said. “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. Reliance is confident that its proven diversified crude sourcing strategy will continue to ensure stability and reliability in its refinery operations to meet domestic and export requirements, including to Europe,” the company said. said. Reliance operates the world’s largest refining complex at Gujarat’s Jamnagar, and has a long-term deal to buy about 500,000 barrels of crude oil per day from Russian oil major Rosneft. What does the EU say about Russian imports? The European Union announced its latest sanctions package against Russia on Thursday, EU High Representative Kaja Kallas announced after meeting union leaders in Brussels. This move came a day after the US government announced new sanctions against two Russian oil companies in Moscow. These companies, Rosneft and Lukoil, have been accused by the US government of playing a role in financing Moscow’s war efforts in Ukraine. “We have just adopted our 19th sanctions package. It targets Russian banks, crypto exchanges, entities in India and China, among others,” Kallas, who is the EU’s foreign policy chief, said in a social media post. “The EU is blocking Russian diplomats’ movements to counter the efforts of destabilization,” she also said.