Russia and India signed a 10-year contract for oil supplies
According to Reuters, citing informants, Russia and India have inked a landmark agreement concerning petroleum provisions for a decade.
Rosneft has pledged to furnish Reliance, the privately held Indian petroleum refining firm, with approximately five hundred thousand barrels of unrefined petroleum each day.
Based on present-day valuations, this will yield around $13 billion to Moscow on a yearly basis. The price points will be adjusted each year.
India rose to prominence as the premier purchaser of Russian unrefined petroleum following the implementation of sanctions against Russia by the EU.