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As reported by Ukrinform, this was reported by Reuters with reference to three interlocutors.
It is the largest ever energy agreement between two countries.
According to the agreement reached, the Russian company will supply 500 barrels (0,5% of world supply) of various types of oil every day for 10 years.
The amount of the deal is estimated at 13 billion US dollars per year at current prices.
Reliance said it works "with international suppliers, including from Russia, and deals are based on market conditions." At the same time, the company declined to comment further on commercial matters, citing confidentiality.
Rosneft declined to comment.
It is noted that the agreement was concluded on the eve of the planned visit of the Russian leader Vladimir Putin to India.
Russian oil accounts for more than a third of India's energy imports. The country became the largest importer of Russian oil after the European Union, which was previously its biggest buyer, imposed sanctions on Russian oil imports in response to Russia's invasion of Ukraine in 2022.
India has no sanctions on Russian oil, so oil refiners there make money on cheaper crude oil from the Russian Federation.
Sanctions made Russian oil cheaper than competing brands by at least $3-4 per barrel.
Photo: Getty Images, illustrative
