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Reliance Industries

Reliance Industries Limited (RIL), one of India's largest oil importing companies, said on Friday that it is thoroughly evaluating the impact of the new sanctions imposed by the European Union (EU), United Kingdom (UK) and United States (US) on Russian crude oil and refined products. US President Donald Trump has imposed strict sanctions on Russia's two major oil companies, Rosneft and Lukoil. The sanctions were imposed in response to Russia's ongoing military actions in Ukraine and virtually isolate Russian energy companies from Western financial markets. Reliance currently has a long-term agreement to purchase approximately 500,000 barrels of crude oil per day from Rosneft and acquires additional quantities through other sources.

Reliance said this in its statement

"We have noted the recently announced restrictions by the European Union, the United Kingdom and the United States on the import of crude oil from Russia and the export of refined products to Europe," Reliance said in the statement. Reliance is currently evaluating the impact of these and the new compliance requirements. We will follow EU guidelines for importing refined products into Europe.

The company also said that whenever any guidelines come from the Government of India in this matter, Reliance will follow them completely. Reliance reiterated that it has always taken steps with the objective of ensuring India's energy security. Reliance also clarified that the company is fully committed to complying with all applicable restrictions and regulatory rules and will adapt the refinery operations to the new regulations. The company said that generally the supply contracts in the industry keep changing from time to time so that the work can be done in accordance with the changes in the market and regulations. Reliance will implement these changes while maintaining relationships with its suppliers.

Reliance will fulfill domestic needs like this

Reliance is confident that its diversified and time-tested crude oil sourcing strategy will keep refinery operations stable and reliable to meet domestic needs and export demand, including to Europe. Also, American sanctions have been said to be part of the strategy to get Russia to immediately accept the ceasefire. Trump has also canceled a summit meeting with Russian President Vladimir Putin. Russia's top economic representative Kirill Dmitriev arrived in America on Friday for talks with the Trump administration.