India’s Reliance Industries has entered into a one-year agreement with Russia’s Rosneft to purchase oil in rubles, signaling a move away from Western financial systems. This comes as India has become a key buyer of Russian oil amid sanctions, with imports reaching a nine-month high. The new agreement with Rosneft secures oil at a discounted rate and extends cooperation in production, refining, and trading.
India’s vibrant economic partnership with Moscow has persisted despite global tensions. The payments for the oil will be facilitated through India’s HDFC Bank and Russia’s Gazprombank. This strategic move highlights the evolving dynamics of international trade and the shifting alliances in the global oil market.
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