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NEW DELHI: India’s Reliance Industries, operator of the world’s biggest refining complex, has signed a one-year deal with Russia’s Rosneft to buy at least 3 million barrels of oil a month in roubles, four sources aware of the matter told Reuters.

The shift to rouble payments follows Russian President Vladimir Putin’s push for Moscow and its trading partners to find alternatives to the Western financial system to facilitate trade despite US and European sanctions.

A term deal with Rosneft also helps privately run Reliance to secure oil at discounted rates at a time when the OPEC+ group of oil producers is expected to extend voluntary supply cuts beyond June.

India Reliance’s Jan Russian oil imports up 48% m/m

The OPEC+ group comprising the Organisation of the Petroleum Exporting Countries (OPEC) and allies including Russia is due to discuss the output cuts in an online meeting on June 2.

India, the world’s third-biggest oil importer and consumer, has become the biggest buyer of seaborne Russian crude since the West halted purchases and imposed sanctions against Moscow in the aftermath of Russia’s 2022 invasion of Ukraine. India has also paid for Russian crude in rupees, dirhams and Chinese yuan.

State-owned Indian refiners, meanwhile, have been tapping spot markets for Russian oil because they were unable to finalise term supplies for this year, Reuters has reported previously.

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KU May 29, 2024 12:18pm
Despite the US sanctions India continues to import Russian oil, this is called unjust preferential treatment n might is right, n sovereign state like Pakistan is not allowed to import gas from Iran.
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Az_Iz May 29, 2024 01:31pm
We trade with china in RMB. This is nothing.
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