- Reliance Industries is confident in its diversified crude sourcing plan despite US sanctions on Russian oil
- US sanctions target Rosneft and Lukoil, which export nearly 3.1 million barrels per day of Russian crude
- Reliance imports 34% of its oil from Russia and may reduce or halt operations following government guidelines
Reliance Industries Ltd., India's top private refiner, expressed confidence about its "crude sourcing strategy" amid the cloud over Russian oil imports due to the sanctions announced this week by the United States.
"Reliance is confident that its time-tested, diversified crude sourcing strategy will continue to ensure stability and reliability in its refinery operations for meeting the domestic and export requirements, including to Europe," a spokesperson of the company said on Friday.
The statement comes two days after the US announced sanctions on Rosneft and Lukoil, two of Russia's largest oil producers. This was in a bid to pressure President Vladimir Putin into ending the war in Ukraine.
-
Indian Markets Turning Corner After Two Tough Years, Says Sandeep Tandon -
NDTV Profit Ignite 2026: Experts See Opportunity In Equities, Stay Bullish For Long-Term -
Buy Right, Sit Tight Does Not Work for Individual Stocks, Says Dinshaw Irani -
'Worst Is Behind': Quant MF Sees Market Bottom, Flags 'Extreme Euphoria' In Midcaps -
India's Mutual Fund Industry Could Become A $1 Trillion Opportunity, Say Fund Managers -
'Foreign Investors Are Baraatis': Raamdeo Agrawal's Take On LTCG Tax -
Stay Invested Through Market Cycles: Raamdeo Agrawal at NDTV Profit Ignite -
Ramesh Damani Remains Bullish On India For Next 20-30 Years, Sees Bargains Amid Market Weakness -
CAS Came After A Long Consultation Process: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFIT IGNITE -
Aim To Cut FPI Onboarding Time From Mth To Five Days: SEBI Chairman Tuhin Kanta Pandey AT NDTV PROFI
Rosneft and Lukoil together account for an estimated 3.1 million barrels per day (mbpd) of exports, nearly 80% of Russia's total crude shipments of 3.8–3.9 mbpd.
RIL said it is assessing the implications of the latest restrictions imposed by the European Union, the United Kingdom, and the US, while reiterating its commitment to full compliance with international and domestic regulations.
“Whenever there is any guidance from the Indian Government in this respect, as always, we will be complying fully. Reliance has consistently aligned itself with the objectives of ensuring India's energy security,” said the spokesperson.
RIL, one of India's largest refiners, has been a major buyer of Russian crude since 2022. The company imports 34% oil from Moscow and is likely to feel some pressure due to the sanctions, according to analysts. For RIL, each $1 per barrel rise in crude prices could dent Ebitda by 2–2.5%, according to NDTV Profit's calculation.
Meanwhile, the Indian government is examining the impact of US sanctions on Russian oil imports, persons privy to the development told NDTV Profit on Thursday. The initial evaluations suggest the effect will be limited given India's current sourcing patterns, they said.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.