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Reliance Industries to Comply with Western Sanctions on Russian Oil

Mumbai, India – Reliance Industries Ltd, India’s top importer of Russian oil, has announced it will comply with Western sanctions targeting Russian oil giants, ending speculation about the company’s strategy amid escalating measures against Russia.

“Reliance will be adapting the refinery operations to meet the compliance requirements,” a company spokesperson stated on Friday, emphasizing adherence to both sanctions and any guidance from the Indian government.

The announcement follows the United States’ recent designation of Rosneft and Lukoil by the Treasury Department’s Office of Foreign Assets Control (OFAC). The EU has also adopted a comprehensive ban on transactions with Rosneft and restrictions on fuel imports from refineries processing Russian oil.

Reliance operates the world’s largest refining complex in Gujarat, India, and has been a significant purchaser of discounted Russian crude. Reports indicated the company was importing as much as half of the 1.7-1.8 million barrels per day of Russian oil arriving in India. In 2024, Reliance signed a 10-year deal with Rosneft to buy nearly 500,000 bpd, Reuters reported at the time.

While the company did not specify how it plans to navigate the sanctions or address the future of the Rosneft agreement, Reliance assured 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.”

The sanctions also coincide with increased US tariffs on Indian exports, which have risen as high as 50 percent, which the U.S. claimed was a penalty for importing Russian oil. The move comes as China and India are the world’s largest importers of Russian crude, putting pressure on these nations to diversify their energy sources. US President Trump has claimed multiple times over the past month that India has agreed to stop buying Russian oil as part of a broader trade deal, an assertion the Indian government has not confirmed.

Neither the Indian Ministry of External Affairs nor the oil ministries have commented since the sanctions were announced.

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