Reliance Industries has said it is assessing the compliance requirements and will align its operations accordingly

India's top oil refiner Reliance Industries is reviewing the impact of Western sanctions on its Russian suppliers and will adjust operations accordingly while maintaining domestic energy security, the company has said.

The statement, seen by RT on Friday, follows earlier media reports that buyers in the South Asian nation may halt imports of Russian crude following the latest US, EU and UK sanctions on oil majors Rosneft and Lukoil.

Western countries have repeatedly targeted Moscow with sanctions over the Ukraine conflict. On Wednesday, Washington joined Brussels and London in announcing additional measures targeting the two Russian oil majors.

Reliance, which has a ten-year deal to buy nearly 500,000 barrels of crude per day from Rosneft, has reportedly been India's largest importer of Russian oil this year by volume. Rosneft also holds a 49% stake in Nayara Energy, which operates the Vadinar refinery in the western state of Gujarat.

Reliance said it is "currently assessing the implications, including the new compliance requirements," both for its crude imports and refined product exports to Europe. The company added that it would follow any guidance from the Indian government to stay aligned with the country's "energy security" goals.

The refiner said it would adjust operations to meet new regulations and manage changing market conditions, "while maintaining the relationships with its suppliers."

Reuters earlier reported that Reliance and other Indian refiners were reviewing their Russian oil supply contracts to ensure no barrels were sourced directly from Rosneft or Lukoil after the latest sanctions took effect.

In August, US President Donald Trump announced a 25% tariff on India as a penalty for its purchases of Russian oil, claiming the trade was helping Moscow prolong the conflict.

Russia has said that threats of sanctions or tariffs on its partners violate their sovereign rights.

Russia has been India's top oil supplier since 2022, providing over 36% of nation's crude imports so far this year, according to data from analytics firm Kpler. During the same period, India has become a key exporter of refined fuels to Europe.

(RT.com)