Reliance Industries (RIL) said it is not violating any US sanctions or policies and purchased crude from companies such as ROSNEFT long before the imposition of sanctions.
RIL had purchased Venezuelan crude oil from companies such as ROSNEFT long before the imposition of US sanctions, as they do get title to Venezuelan oil in return for reduction in their prior debt, the company said in a stock exchange filing.
It denied reports in a section of the media, which said the company was involved in an arrangement that leads to cash payment for oil supplies to PDVSA via third parties. The company termed the media reports as “false and reckless”.
