Reliance Industries has denied claims of breaching U.S sanctions against Venezuela by saying that the recent exports of fuel were decided prior to the imposition of sanctions by Washington in January. The company further said Friday that these exports were compensation for the crude oil imports by them from Venezuela.
It also assured that the company has been in “continuous communication” with the United States in regards to its exports and other activities in Venezuela after the sanctions were placed.
According to some reports, the conglomerate sold fuel to Venezuela from India and Europe in a way to avoid sanctions of the U.S. Before the sanctions, Reliance had been exporting diluent naphtha, alkylate and other fuels via its US-based subsidiary.
Post these events, Venezuela may face more sanctions in the future considering President Donald Trump’s administration has not attempted to prevent outside companies from purchasing oil from Venezuela.
The statement from Reliance also said the company has “complied with US sanctions laws” and have made necessary adjustments in their activities with Venezuela to properly accommodate the changes in US policy.
Reliance added that it has halted exports of diluent naphtha to Venezuela. In addition to that, it has decreased its purchases of crude oil from the country to a level well below what the contract states.