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Reliance Industries to Buy Russian Oil in Roubles

Reliance Industries to Buy Russian Oil in Roubles

Reliance Industries Limited (RIL) has agreed to buy at least 3 million barrels of oil monthly from Russia's Rosneft in roubles. The deal includes two cargoes of Urals crude with options for more, discounted $3 per barrel from the Dubai benchmark. This move comes as Western countries shun Russian oil due to the Russia-Ukraine war. Reliance, operating the world's largest refining complex, will pay through HDFC Bank and Gazprombank. This deal secures discounted oil amid expected OPEC+ supply cuts and follows significant savings on India's oil import bill.

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