"Last year, Reliance Industries Ltd signed a deal with Russian major Rosneft to import nearly 500,000 barrels per day. India's top importer of Russian oil, the conglomerate Reliance Industries Ltd, says it will abide by Western sanctions, ending several days of speculation about how the company will manage new measures targeting Russia's two largest oil companies. Reliance will be adapting the refinery operations to meet the compliance requirements, a company spokesperson said in a statement on Friday, while maintaining its relationships with suppliers."
"Whenever there is any guidance from the Indian Government in this respect, as always, we will be complying fully, the statement added. On Wednesday, the United States Treasury Office of Foreign Assets Control (OFAC) designated Russian majors Rosneft and Lukoil for the first time as President Donald Trump becomes increasingly frustrated with Russia's unremitting war on Ukraine. US Secretary of the Treasury Scott Bessent said the move was the result of Russian President Vladimir Putin's refusal to end this senseless war."
Reliance Industries signed a 10-year deal with Rosneft in 2024 to buy nearly 500,000 barrels per day of Russian crude. Reliance will abide by Western sanctions and will adapt refinery operations to meet compliance requirements while maintaining supplier relationships. US OFAC designated Rosneft and Lukoil, and the EU adopted a package including a full transaction ban on Rosneft and a rule banning fuel imports from refineries that processed Russian oil within 60 days before shipping. Reliance operates the world's largest refining complex in Gujarat and purchased roughly half of the discounted Russian crude shipped to India. Reliance did not offer operational details on compliance.
Read at www.aljazeera.com
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