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RIL denies sidestepping US sanctions on Venezuela
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SME Times News Bureau | 23 Mar, 2019
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.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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75.65 |
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