Brief by Shorts91 Newsdesk / 01:18pm on 28 May 2024,Tuesday Business
Reliance Industries, India's leading refining conglomerate, has inked a one-year agreement with Russia's Rosneft to procure a minimum of 3 million barrels of oil per month, payable in roubles. This shift in payment method follows Russian President Vladimir Putin's call to bypass Western financial systems amid sanctions. The deal allows Reliance to secure discounted oil amidst expectations of extended OPEC+ supply cuts. India, the world's third-largest oil importer, has emerged as a major buyer of Russian crude, resorting to alternative currencies for transactions. The partnership underscores deepening energy ties between India and Russia.
