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