RELIANCE DENIES SIDESTEPPING US SANCTIONS

March 23rd, 2019 Posted In: business

Team TNV

MUMBAI

Reliance Industries Limited (India) denies any suggestion that it ever sidestepped US sanctions in supplying products to Venezuela. Since the imposition of US sanctions, Reliance has been in continuous communication with the US Department of State regarding its activities in Venezuela. Reliance has been transparent with US authorities and also has provided detailed feedback to the US Department of State as they were formulating and adjusting US policy regarding product shipments to Venezuela.

Reliance not only has complied with US sanctions laws, but also has done its best to adjust its dealings with Venezuela on a voluntary basis to reflect the ongoing changes in US policy. Reliance stopped shipments of diluent naphtha to Venezuela, and has reduced its purchases of Venezuelan crude oil to well below its contracted levels. Reliance’s few transportation fuel shipments to Venezuela, treated as offsets for crude oil receipts, were committed and in-transit when there were no specific restrictions to such transactions. They were all fuels refined in India.

Reliance will continue its transactions in full compliance of prevailing sanctions.

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Team TNV

The author is a senior Journalist working in Goa for last one and half decade with the experience of covering wide-scale issues ranging from entertainment to politics and defense.

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