Russia and India have signed a $13 billion annual oil deal, marking the largest energy collaboration between the two nations.
This historic contract was finalized as Russia's state oil company, Rosneft, agreed to supply nearly 500,000 barrels per day of crude oil to Indian private refiner Reliance Industries over the next decade.
The agreement, valued at approximately 1.3 trillion rubles annually, accounts for 0.5% of the global oil supply.
It significantly strengthens the energy ties between Russia and India, two countries with a long-standing partnership encompassing trade, defense, energy, and technology. "This deal further cements our energy relations with India," said a source familiar with the negotiations.
The timing of this agreement is particularly noteworthy, as it comes ahead of Russian President Vladimir Putin's planned visit to India. It also follows U.S. President-elect Donald Trump's statement expressing his intention to mediate peace between Moscow and Kyiv upon taking office in January.
India has emerged as the largest importer of Russian crude oil following the European Union's sanctions on Russian oil imports in response to the 2022 invasion of Ukraine. Unlike the EU, India has not imposed sanctions on Russian oil, allowing its refiners to benefit from cheaper crude supplies.
"India knows what is best for it," commented SadiqBabaSani, reflecting the sentiment that India's strategic decisions are yielding significant economic benefits.
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