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The currency shift comes at a time when Russian President Vladimir Putin is pushing for Moscow and its trading partners to find alternatives to the Western financial system to facilitate trade despite US and European sanctions.
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Updated : May 29, 2024, 07:09 AM IST
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Mukesh Ambani's Reliance Industries Limited has signed a one-year deal with Russia's Rosneft to buy at least 3 million barrels of oil a month in roubles, Reuters reported on Tuesday. This will help Reliance secure oil at discounted rates at a time when the Organisation of the Petroleum Exporting Countries (OPEC)+ group of oil producers is expected to extend voluntary supply cuts beyond June.
The deal took effect from April 1 and Reliance will buy two cargoes of about one million barrels of Urals crude with an option to buy four more each month at a discount of $3 a barrel to the Middle East Dubai benchmark, Reuters reported sources as saying.
Reliance Industries will also purchase one to two cargoes a month of low-sulphur crude oil, mainly ESPO Blend exported from Russia's Pacific port of Kozmino, at a premium of $1 a barrel to Dubai quotes, the sources added.
Reliance has agreed to make payment for the oil using Russia's rouble through HDFC Bank. Further details on the payment mechanism were not immediately available.
The currency shift comes at a time when Russian President Vladimir Putin is pushing for Moscow and its trading partners to find alternatives to the Western financial system to facilitate trade despite US and European sanctions.
(With Reuters inputs)
