Will review sanctions on Russia, follow rules and instructions of Indian government: RIL

News Topical, Digital Desk : Reliance Industries has responded to the announcement of new sanctions by Western countries against Russia. RIL stated that it is committed to India's energy security and will comply with the Indian government's guidelines. The company stated that the sanctions are under review and that it will comply with the regulations and proceed accordingly. The company also clarified that it will maintain relationships with all suppliers.

Reliance Industries said in a statement that it has taken note of the new restrictions imposed by the European Union (EU), the United Kingdom (UK), and the United States on the import of crude oil from Russia and the export of refined products to Europe. The company said it is understanding the impact of these new regulations and the compliance requirements. Reliance Industries clarified that it will fully comply with EU guidelines regarding the import of refined products into Europe. The company also stated that if any directives are issued by the Indian government, it will, as always, fully comply. Reliance stated that it has always worked with the goal of ensuring India's energy security. It also said that the company is fully committed to maintaining its long-standing impeccable record of compliance, adhering to all applicable restrictions and regulatory frameworks. The company will make necessary changes to its refinery operations to meet compliance requirements. The company stated that it is common in the industry for oil supply contracts to be revised periodically to reflect changing market and regulatory conditions. Reliance will adapt to these circumstances, while maintaining close relationships with its suppliers. The company assured that its diversified and proven crude sourcing strategy will ensure stable and reliable refinery operations—allowing it to meet both domestic and export demands, including those in Europe. Western countries impose sanctions on Russia Following the US and the UK, the European Union has also approved sanctions against Russia. European Union (EU) countries formally approved the 19th package of sanctions against Russia on Thursday. This package includes a ban on imports of Russian LNG. The 27 member countries approved this package on Wednesday evening. Earlier, the US and the UK had announced sanctions on Russian oil companies . 

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