RIL denies sidestepping US sanctions on Venezuela

Reliance Industries Limited (RIL) on Friday denied any suggestion that it ever sidestepped US sanctions in supplying products to Venezuela.

RIL's denial comes after a report said that the company has sidestepped US sanctions on Venezuela by selling fuel from India and Europe to the South American country.

According to the company, since the imposition of US sanctions, RIL 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," the company said in a statement on Friday.

"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."

In addition, the company clarified that its 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 and they were all fuels refined in India.

"Reliance will continue its transactions in full compliance of prevailing sanctions," the company added.

--IANS

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