SS: The operator of the world’s largest oil refining complex, India’s Reliance Industries, has reached a one-year agreement with Russia’s state-controlled oil company Rosneft to purchase oil in rubles, Reuters reported on May 28.
Four sources familiar with the matter told Reuters that Reliance Industries is set to purchase at least 3 million barrels of oil a month in the Russian currency from Rosneft.
Russian President Vladimir Putin has long sought to move away from the Western banking and financial systems. The use of rubles to purchase oil marks an alternative approach as to how India and Russia facilitate trade despite Western sanctions.
Following the sanctions imposed against Russia over its invasion of Ukraine, India has become a key buyer of Russian oil, second only to China, purchasing its oil in Indian rupees, dirhams, and Chinese yuan.
This month, India’s imports of Russian oil rose to a nine-month high after shipments from non-sanctioned tankers of the Russian Sovcomflot company resumed, Reuters reported on May 21, citing data from shipping and trade sources.
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SS: The operator of the world’s largest oil refining complex, India’s Reliance Industries, has reached a one-year agreement with Russia’s state-controlled oil company Rosneft to purchase oil in rubles, Reuters reported on May 28.
Four sources familiar with the matter told Reuters that Reliance Industries is set to purchase at least 3 million barrels of oil a month in the Russian currency from Rosneft.
Russian President Vladimir Putin has long sought to move away from the Western banking and financial systems. The use of rubles to purchase oil marks an alternative approach as to how India and Russia facilitate trade despite Western sanctions.
Following the sanctions imposed against Russia over its invasion of Ukraine, India has become a key buyer of Russian oil, second only to China, purchasing its oil in Indian rupees, dirhams, and Chinese yuan.
This month, India’s imports of Russian oil rose to a nine-month high after shipments from non-sanctioned tankers of the Russian Sovcomflot company resumed, Reuters reported on May 21, citing data from shipping and trade sources.