Reliance Industries stated that it will comply with all new oil sanctions announced by the US, UK, and EU.
Reliance just said “no thanks” to Russian crude oil! The Indian oil giant is now adjusting the operations of its refineries to comply with new US and EU oil sanctions resulting from trade deals with India. The company will change their refinery operations to stay compliant and safe from penalties.
- Reliance will comply with US, UK & EU rules on Russian oil.
- Sanctions hit Rosneft & Lukoil, Russia’s top crude exporters.
- India imports nearly 1.7M barrels/day. India buys nearly one-third of its oil from Russia.
- Direct Russian oil buys are expected to drop post-Nov 21.
👉 Why this matters: These oil sanctions could raise fuel costs in India and push refiners to find new oil sources.
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