Assessing implications of EU, UK, US move on oil imports from Russia, will comply with EU’s guidelines on import of refined products: Reliance Industries

MUMBAI: Reliance Industries said on Friday that it is assessing the implications, including the new compliance requirements, of 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 and will comply with the EU’s guidelines on the import of refined products into Europe.

A Reliance Spokesperson said in a statement that whenever there is any guidance from the Indian Government in this respect, the company will comply with it.

It said Reliance has consistently aligned itself with the objectives of ensuring India’s energy security.

“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. We will 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 statement said.

It said that 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”.

“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 statement said.

“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.

The European Union has formally adopted its latest sanctions package against Russia, EU High Representative Kaja Kallas announced on Thursday after a meeting in Brussels of the leaders of the bloc’s member countries.

The move comes a day after the Trump administration announced new sanctions against Russia’s oil industry.

The US sanctions hit Rosneft and Lukoil, Russia’s two largest oil companies, which Washington said play a central role in financing the Kremlin’s war effort.

“We just adopted our 19th sanctions package. It targets Russian banks, crypto exchanges, entities in India and China, among others,” the EU foreign policy chief posted on social media platform X.

She said that “The EU is curbing Russian diplomats’ movements to counter the attempts of destabilisation.”

Kallas added that “It is increasingly harder” for Russian President Vladamir Putin “to fund this war” against Ukraine, which began in February 2022.
Ukrainian President Volodymyr Zelenskyy on Friday announced that the European Union has assured continued financial assistance to Ukraine not only for next year but also through 2027.

Taking to X, Zelenskyy wrote, “Today, a meeting of the European Council was held in Brussels – with good results. The European Union assured that financial assistance to Ukraine will be maintained not only next year, but also in 2027. This is an important unanimous decision.”

He added, “We have secured political support with regard to frozen Russian assets and their maximum use to defend against Russian aggression. The European Commission will work out all the necessary details.”

Highlighting progress on security and energy cooperation, Zelenskyy stated, “There is also progress on strengthening air defence. While the details are not yet public, we have received positive signals, and our teams will work quickly with the respective countries. We are also working substantively with the countries that can support our energy sector – both in recovery and in the supply of essential resources,” he said.

Zelenskyy also welcomed the European Union’s approval of its 19th sanctions package against Russia.

“The 19th EU sanctions package has finally been approved – thank you for this. We will surely synchronize this package within Ukraine’s jurisdiction. It is also important that its elements be supported by the sanctions from other European countries outside the EU, particularly the United Kingdom, Norway, and Switzerland,” he wrote. (ANI)