- Company says it will adjust refinery operations to ensure compliance; affirms commitment to India’s energy security and global regulatory norms
NE BUSINESS BUREAU
MUMBAI, OCT 24
Reliance Industries Ltd (RIL) on Friday said it will fully comply with the latest sanctions imposed by the United States and other Western nations on Russian oil and refined products, affirming that its refinery operations will be realigned to meet the evolving regulatory environment.
The statement came after the US government, on October 22, imposed sanctions on Russia’s two largest crude oil producers, Rosneft and Lukoil, barring all American entities from conducting business with them. The US Treasury Department directed that all existing transactions involving the two firms be wound down by November 21, warning that non-US firms could also face secondary penalties for non-compliance.
In a statement, a Reliance spokesperson said,
“We have noted the recent restrictions announced by the European Union, the United Kingdom and the United States on crude oil imports from Russia and export of refined 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 spokesperson further added that RIL remains fully committed to maintaining its longstanding record of compliance with all international sanctions and regulatory frameworks.
“Whenever there is any guidance from the Indian Government in this respect, as always, we will comply fully. Reliance has consistently aligned itself with the objectives of ensuring India’s energy security,” the statement read.
Reliance also said that refinery operations will be adjusted to meet new compliance mandates while ensuring supply stability for both domestic and export markets.
“As is customary in the industry, supply contracts evolve to reflect changing market and regulatory conditions. Reliance will address these conditions while maintaining relationships with its suppliers,” the company said.
Russia’s share in India’s Crude Basket
Russia currently supplies nearly a third of India’s crude imports, averaging around 1.7 million barrels per day (mbd) in 2025, of which approximately 1.2 mbd comes directly from Rosneft and Lukoil. A large share of these imports is handled by private refiners — Reliance Industries and Nayara Energy, with smaller allocations to state-owned companies.
Analysts expect Russian crude flows to India to remain in the 1.6–1.8 mbd range until the November 21 deadline, but direct imports from the sanctioned Russian giants are likely to decline thereafter.
“Indian refiners are likely to adjust sourcing patterns to mitigate exposure to sanctions risk,” said Sumit Ritolia, Lead Research Analyst (Refining and Modelling) at Kpler.
Reliance expressed confidence that its diversified crude sourcing strategy and global partnerships will continue to ensure reliability in supply and operations despite the evolving sanctions landscape.
