RIL denies sidestepping any U.S. sanctions

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Reliance Industries Limited (RIL) has denied that it had ever sidestepped U.S. sanctions in supplying products to Venezuela.

Background:

  • Since the imposition of U.S. sanctions, Reliance has been in continuous communication with the U.S. Department of State regarding its activities in Venezuela.
  • This is done to deprive the Nicolas Maduro government of Venezuela of its main source of income -oil revenues.
  • With the American market now almost closed, China and India have increasingly become Venezuela‘s largest and perhaps the only other possible markets.

Key Facts:

  • Reliance has been transparent with U.S. authorities and has also provided a detailed feedback to the U.S. Department of State as they were formulating and adjusting U.S. policy regarding product shipments to Venezuela.
  • Reliance not only has complied with U.S. sanctions laws, but has also done its best to adjust its dealings with Venezuela on a voluntary basis to reflect the ongoing changes in U.S. policy.
  • The company stopped shipments of diluent naphtha to Venezuela, and has reduced its purchases of Venezuelan crude oil to well below its contracted levels.
  • Reliance will continue its transactions in full compliance of prevailing sanctions.

Source:The Hindu

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