India's Reliance Industries has permanently stopped buying russian crude oil since November 20, complying with new international sanctions. Reuters reports.
The company has stopped imports for its giant oil refinery complex in Jamnagar (Gujarat). The decision was made after the US, UK and EU tightened sanctions on russian oil producers, including Rosneft and Lukoil.
Although Reliance has a current contract with Rosneft for about 500,000 barrels per day, the company said it would fully comply with international restrictions.
Washington has given international buyers until November 21 to complete all transactions with russian companies. The EU, in turn, will ban imports of fuel produced at refineries that have processed russian oil for 60 days before shipment - this rule will come into effect on January 21.
Reliance emphasized that from December 1, all of the company's export product will be made only from non-russian oil. The transition was made ahead of schedule to ensure compliance with the new requirements.
At the same time, the company is completing the contracts signed by October 22. The last vessel within these deliveries was shipped on November 12. Tanker shipments arriving on November 20 or later will already be processed in the internal customs tariff zone.
Europe remains a key market for Reliance - it accounts for about 28% of exports, so the company seeks to ensure maximum compliance of its operations with the sanctions regime.
Recall that the United States sanctions against the largest russian oil companies Rosneft and Lukoil, as well as their numerous subsidiaries, officially come into force on November 21.
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