Indian holding company Reliance Industries Limited has promised to comply with the sanctions imposed by the United States, the European Union and the United Kingdom on the aggressor country russia. This is indicated in a statement issued by the company's press service published on October 24.
The statement said that Reliance has taken note of the recent restrictions announced by the US, EU and UK on crude oil imports from russia and exports of petroleum 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 company said.
As a reminder, according to the new rules, Indian refiners cannot supply petroleum products to Europe if they have purchased and refined russian oil in the last 60 days.
Reliance added that the company intends, as always, to fully comply with any recommendations of the Indian government on this issue. In addition, the holding remains committed to maintaining its long-standing and impeccable reputation for compliance with applicable sanctions and regulatory frameworks.
Reliance Industries Limited is owned by Mukesh Ambani, an Indian businessman and the richest man in Asia. As The Washington Post recently wrote, since the beginning of russia's full-scale invasion of Ukraine, Reliance has bought USD 33 billion worth of russian oil.
As the Ukrainian News agency earlier reported, on October 22, the US Treasury Department announced new sanctions against russia. Rosneft and Lukoil, as well as more than 30 of their subsidiaries, were subject to the restrictions.
We also wrote that the European Union approved the 19th package of sanctions against russia, which included a ban on imports of russian LNG from September 1, 2027.
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