Reliance Industries Ltd (RIL) on Friday said it is reviewing the implications of the fresh restrictions imposed by the European Union, United Kingdom and the United States on Russian crude oil imports and exports of refined products to Europe.
In a filing to the stock exchanges, India’s largest private-sector refiner said it will “comply with the EU’s guidelines on the import of refined products into Europe” and align with any guidance that may be issued by the Indian government in this regard.
“Reliance has consistently aligned itself with the objectives of ensuring India’s energy security. 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 company said .
The statement comes amid the latest tightening of sanctions by Western nations to further curb Moscow’s oil revenue stream amid the continuing conflict in Ukraine.
The EU and UK this week expanded restrictions to include certain refined products and shipping insurance services, while the US introduced additional curbs targeting intermediaries facilitating Russian oil trade through third countries.
Reliance, which operates the world’s largest refining complex at Jamnagar, Gujarat, has been among India’s top private importers of Russian crude since early 2022, taking advantage of discounted barrels.
However, the company said it is confident its “time-tested, diversified crude sourcing strategy” will continue to ensure stability in operations and meet both domestic and export requirements, including to Europe .
As global crude markets adjust to the new round of sanctions, traders expect Indian refiners, including Reliance and Nayara Energy, to further diversify their sourcing patterns.
Earlier this week, media reports indicated Reliance had stepped up its Middle Eastern purchases, including Basrah Medium and Qatar Land grades, as part of efforts to rebalance its crude basket amid rising compliance scrutiny.
