Reliance Industries to evaluate impact of EU sanctions on Russian oil trade
(RIL) said on Friday it will evaluate the latest round of sanctions imposed by European Union member states targeting Russia's
oil and energy revenues
, including restrictions that extend to
petroleum products
refined from Russian crude in third countries -affecting Indian exports.
India's crude imports from Russia were valued at $50.3 billion in FY25, accounting for more than a third of the country's total
crude bill
of $143.1 billion. Indian refiners, including RIL, process this crude and
export petroleum products
globally, including to the EU.
"There will be a wind-down period, we hope, and we'll need to assess the scope of the sanctions-especially how they define products," said
Srinivas Tuttagunta
, Chief Operating Officer (Supply and Trading), RIL. "In previous instances, definitions allowed for products that were 'substantially transformed'."
India exported petroleum products worth $5 billion to the EU last year.
Tuttagunta said RIL would review the final text of the sanctions before taking a formal position. "We are quite diversified," he said. "Light distillates primarily go to the US and other destinations, while middle distillates head to Europe. But we also have markets in Africa, Singapore, the Middle East and others."
He added that should Europe lose access to certain distillates, margins could rise sharply. "That has been the trend historically, as we saw in 2022 during the initial Russian sanctions."
"We'll wait to see the full details. But overall, margins could be constructive again, depending on how the situation evolves," he said.
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United News of India
9 minutes ago
- United News of India
PM Modi, Maldivian President release commemorative stamps to mark 60th anniversary of diplomatic ties
Male/New Delhi, July 25 (UNI) Prime Minister Narendra Modi and Maldivian President Mohamed Muizzu today released commemorative stamps on the occasion of the 60th anniversary of the establishment of India-Maldives diplomatic relations. Reflecting the age-old bilateral ties between the two countries, the commemorative stamps depict the Indian boat Uru, a large wooden dhow handcrafted in the historic boatyards of Beypore, Kerala, and the traditional Maldivian fishing boat - Vadhu Dhoni. These boats have been part of the Indian Ocean trade for centuries. The traditional Maldivian fishing boat - Vadhu Dhoni - is used for reef and coastal fishing. It depicts Maldives's rich maritime heritage and the close bond between island life and the ocean, a statement said. India was one of the first countries to establish diplomatic relations with Maldives following its independence in 1965. The commemorative stamps release symbolizes the close and historical ties between the two countries. PM Modi is on a two-day state visit to Maldives. He will be the Chief Guest at the 60th anniversary celebrations of Maldives' independence day tomorrow. UNI RN
Time of India
9 minutes ago
- Time of India
Timely, productive visit helped review & build India-Maldives cooperation: FS Misri on PM Modi's Malé visit
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The LOC represents a continuation of the tradition of assistance to the development needs of the Maldives and we expect that several infrastructure projects will be carried out as a result of this LOC agreement benefiting the lives of citizens here in the Maldives."He elaborated on financial restructuring aimed at easing the Maldives' economic burden. "Together with this, the two sides also signed an amendatory agreement that amended the existing dollar line of credit between India and the Maldives. I would like to in particular point to the fact that with the signature of this amendatory agreement, the annual debt repayment obligations of the Maldives will reduce by a sharp 40% from nearly US$51 million annually to about US$29 million."Misri further outlined the range of MOUs signed, covering diverse sectors. 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Indian Express
9 minutes ago
- Indian Express
Will scotch get cheaper for Indian consumers after UK trade deal? Not by much, say experts
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The revision will apply to both bottled-in-origin (BIO) and bulk imports. According to Anant S Iyer, director-general of the Confederation of Indian Alcoholic Beverage Companies (CIABC), the tariff reduction could lead to newer scotch brands entering the domestic market with competitive pricing. 'Our fear is that a lot of new scotch brands from the UK can come in. These brands may not be famous here today, but they can come in at really aggressive prices that are comparable to Indian premium whisky. Already, some standalone importers are bringing in BIO whisky under 150 per cent duty with aggressive pricing,' Iyer said. Popular British scotch brands that could become slightly cheaper include Chivas Regal, Ballantine's, Glenlivet, Glenfiddich, and Johnnie Walker. Whisky was the UK's fifth-largest export product to India in 2024-25, valued at roughly $260 million, up 16 per cent from 2023-24. 'Import duties contribute only a fraction of the final price, with state excise, logistics, and distributor margins forming a large share of consumer cost. From a market standpoint, the FTA is more likely to influence product availability and premiumisation than spark a sudden demand surge. UK whisky makers may use this as an opportunity to expand brand presence,' said Naveen Malpani, Partner and Consumer Industry Leader, Grant Thornton Bharat. Industry expert Vinod Giri said a brand like Black Label in Delhi, priced at around Rs 3,500, may only get Rs 200-300 cheaper if the entire duty cut is passed on. While the reduction in consumer prices may not be much, British exporters and domestic producers who blend imported scotch could see their margins improve. Scotch is typically blended with Indian-made whisky in proportions ranging from 2 to 30 per cent, depending on the product's price segment. Popular whisky brands that blend imported scotch include Blenders Pride and McDowell's No. 1. 'Any duty reduction on Scotch whisky means the cost of production for Indian whisky makers who import it for blending goes down to that extent. While it's not likely to reflect in consumer prices, the fact is that if their costs go down, their bottom lines improve,' Giri said. 'Indian blenders will have savings per case. It depends on how much quantity of vatted malt scotch is used in the blends, and hence there will certainly be savings for them,' Iyer added. According to Giri, the reduction in customs duty will also result in bottled-in-India (BII) whisky becoming BIO over a period of 3-4 years. 'With standard Scotch whisky, if the entire duty cut is passed on, prices may drop by Rs 100-150 a bottle, bringing them close to BII whisky, which sells for around Rs 1,500. BII is also Scotch, just imported in bulk to avoid duties on packaging and other costs,' he said. 'But with the new duty set to drop to 75 per cent and then gradually to 40 per cent, it makes little commercial sense to bottle locally, invest in factories, and deal with operational hassles. Production costs are already lower in Scotland due to scale efficiencies, so they might as well ship scotch bottled from there and improve margins,' Giri added. 100 Pipers, Teacher's, Black Dog, and Black & White are among big brands that bottle imported scotch in India. Scotch distillers in the UK have welcomed the reduction in tariffs, which will give them greater access to the world's biggest whisky market by volume. 'The deal will support long term investment and jobs in our distilleries in Speyside and our bottling plant at Kilmalid and help deliver growth in both Scotland and India over the next decade,' said Jean-Etienne Gourgues, Chairman and CEO of Chivas Brothers, the firm behind popular whisky brands such as Chivas Regal and Ballantine's. Aggam Walia is a Correspondent at The Indian Express, reporting on power, renewables, and mining. His work unpacks intricate ties between corporations, government, and policy, often relying on documents sourced via the RTI Act. Off the beat, he enjoys running through Delhi's parks and forests, walking to places, and cooking pasta. ... Read More
