Reliance assessed impact of Russian oil curbs, comply with EU guidelines
By Anjali Sharma
WASHINGTON – Mukesh Ambani’s Reliance Industries on Friday said that the company is assessing the implications of the latest restrictions imposed on Russian oil companies by the US administration as Trump’s claim that the Indian Government has decided to stop purchasing oil from its time-tested ally, Russia, after pressure from America and European nations,
The development came in the wake of US President Donald Trump’s claim that India would stop buying oil from Russia.
In a detailed statement, a company spokesperson said Reliance will comply with the European Union’s guidelines on the import of refined products into Europe.
“We have noted the recent restrictions announced by the European Union, the 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,” the spokesperson said in the statement.
Reliance stated that it always complies with the guidance of the Indian government in this regard. “Reliance has consistently aligned itself with the objectives of ensuring India’s energy security,” it said.
The company stated that it 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 statement read that as is customary in the industry, supply contracts evolve to reflect changing market and regulatory conditions and Reliance will address these conditions while maintaining the relationships with its suppliers.
“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,” it added.
Reliance Industries has started recalibrating its Russian oil imports in line with the government’s guidelines, a company spokesperson had confirmed earlier, it read.
The development came in the wake of US President Donald Trump’s claim that India would stop buying oil from Russia.
Trump’s announcement has not confirmed by the Narendra Modi government, sparked a controversy with the opposition Congress questioning the country’s foreign policy.
“Modi proposes, Reliance disposes, Trump exposes,” said Congress leader Jairam Ramesh.
He questioned why the PM didn’t clarify the matter himself, saying, “What he conceals, Trump reveals.”
The opposition has also alleged that the government’s foreign policy has “completely collapsed” and urged the centre to take opposition leaders into confidence.
