Reliance Industries Ltd. (RIL) on Friday confirmed that it will comply with the latest US and Western sanctions targeting Russian oil and is reviewing its refinery operations to align with the new rules. The company said it is carefully assessing the impact of restrictions announced by the European Union, the United Kingdom, and the United States on both crude oil imports from Russia and the export of refined products to Europe.
A spokesperson for Reliance stated, “We will comply with the EU’s guidelines on the import of refined products into Europe,” emphasizing the company’s commitment to full adherence to applicable sanctions and regulatory frameworks. Reliance also indicated that refinery operations would be adjusted as needed to ensure compliance with the evolving sanctions landscape.
The US imposed sanctions on October 22 on Russia’s two largest crude producers, Rosneft and Lukoil, prohibiting all American entities and individuals from engaging in business with them. Non-US firms could also face penalties if found dealing with these companies or their subsidiaries. The US Treasury Department mandated that all existing transactions with Rosneft and Lukoil be wound down by November 21.
Russia accounts for nearly a third of India’s crude imports, averaging about 1.7 million barrels per day (mbd) in 2025. Of this, approximately 1.2 mbd is sourced directly from Rosneft and Lukoil, with the majority purchased by private refiners such as Reliance Industries and Nayara Energy, and smaller volumes allocated to state-owned refiners.
Analysts, including Sumit Ritolia of Kpler, note that Russian crude flows are expected to remain in the 1.6–1.8 mbd range until November 21. However, direct purchases from Rosneft and Lukoil are likely to decline thereafter as Indian refiners adjust sourcing strategies to mitigate any potential risk of US sanctions. Reliance’s operational adjustments and compliance measures are aimed at navigating this complex environment while maintaining its refining and export commitments.
