Reliance Industries, India’s largest importer of Russian crude, said on Friday it is assessing the impact of fresh US and EU sanctions and pledged to comply with all Indian and international guidelines.
In a statement, the company said it was “currently assessing the implications, including the new compliance requirements” and would follow the EU’s rules on importing refined products into Europe. Reliance added that it would adhere to any guidance issued by the Indian government, emphasising its commitment to India’s energy security.
The latest sanctions, introduced by the United States in response to Russia’s invasion of Ukraine, target major Russian oil companies including Lukoil and Rosneft.
Reliance, which has long-term contracts with Rosneft and purchases additional crude via intermediaries, is directly affected by the measures.
The company highlighted its history of compliance with global sanctions and regulatory frameworks, stating it would adjust refinery operations to meet all requirements. “The company remains fully committed to maintaining its longstanding and impeccable record of adherence to applicable sanctions and regulatory frameworks,” the statement said.
Reliance noted that supply contracts in the oil industry evolve with changing market and regulatory conditions and said it would continue managing adjustments while maintaining relationships with suppliers.
The firm also expressed confidence that its diversified crude sourcing strategy would ensure stable operations at its Jamnagar refinery, which has a processing capacity of around 1.4 million barrels per day, supporting both domestic demand and exports, including shipments to Europe.
Currently, Reliance imports roughly 500,000 barrels per day from Rosneft under a long-term agreement, supplemented by spot purchases from other sources.
A recent Reuters report indicated the company is recalibrating its Russian oil imports in line with Indian government directives.
Several other Indian refiners are reportedly planning to scale back Russian crude purchases amid heightened Western scrutiny and sanctions aimed at curbing Moscow’s war revenues, highlighting the broader challenges facing India’s energy sector as geopolitical tensions escalate.
