Historic Russian oil deal. The Russian state oil company Rosneft has signed a contract worth 13,000 million dollars (about 12,370 million eurosat the current exchange rate) annually for sell to the Indian refinery Reliance.
The deal involves a hard blow by international sanctions against crude oil exports that have been imposed on Russia as a consequence of the military invasion of Ukrainian territory.
According to the Reuters agency, the agreement will have a validity of 10 years and contemplates the supply of 500,000 barrels of oil per dayor what is the same, approximately the 0.5% of the world’s crude oil supply.
Nigel Gould-Davies, senior researcher for Russia and Eurasia at the International Institute for Strategic Studies think tank, has highlighted that This contract “is significant in the broader context of Western sanctions policy.”
In this sense, the expert has explained that “the huge increase in Indian oil imports from Russia from 2022 has caused the re-export of large quantities of petroleum products to the EUthus effectively violating the EU embargo on Russian oil.”
