Assessing implications of EU ban on import of refined products: RIL Business News & Hub

Following restrictions imposed by the European Union, the U.S. and United Kingdom on import of petroleum products refined from Russian crude, Reliance Industries Ltd. (RIL), India’s biggest exporter of petroleum products, said it was assessing the implications and would take corrective steps to comply with the sanctions.

“We have noted the recent restrictions announced by the European Union, 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,” a company spokesperson said.

The company said it would comply with the EU’s guidelines on the import of refined products into Europe. “Whenever there is any guidance from the Indian Government in this respect, as always, we will be complying fully. Reliance has consistently aligned itself with the objectives of ensuring India’s energy security,” the spokesperson said.

“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 spokesperson added.

“As is customary in the industry, supply contracts evolve to reflect changing market and regulatory conditions. Reliance will address these conditions while maintaining the relationships with its suppliers,” the company said.

It said its time-tested, diversified crude sourcing strategy would continue to ensure stability and reliability in its refinery operations for meeting the domestic and export requirements, including to Europe. 

The U.S. and the EU have imposed sanctions on Rosneft and Lukoil, Russia’s biggest oil companies to force Russia to stop the war on Ukraine. As a result Indian refiners importing Russian crude have come under the cloud.