India’s Reliance will buy oil from Russia in rubles

Last Updated on May 31, 2024 9:22 am

Mukesh Ambani’s refinery Reliance Industries has signed an agreement to buy fuel oil from Russia. This oil will be bought in Russian currency Ruble. News from Reuters.

According to the report, Ambani’s company will buy at least 3 million barrels of fuel oil per month from the Russian company Rosneft under this one-year agreement.

Since the declaration of war against Ukraine, Western countries including the United States and Europe have imposed trade sanctions on Russia one after another. Initially, Russia suffered some losses due to the shock of these sanctions, but later they recovered a lot.

Russian President Vladimir Putin has long urged Moscow’s business partners to seek alternatives to the Western financial system. Observers say he wants to develop the Russian ruble as an alternative medium of trade. That is why this agreement to buy and sell oil in rubles was made.

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