Russia further increases oil deliveries to India

Russian oil giant Rosneft announced on Wednesday (March 29th) that it had signed a contract with an Indian partner to increase deliveries of Russian oil, at a time when Moscow, targeted by a Western embargo, seeks to redirect its sales to Asia. REUTERS - DADO RUVIC

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Russian oil giant Rosneft announced on Wednesday (March 29th) that it had signed a contract with an Indian partner to "significantly increase" deliveries of Russian oil. The announcement comes at a time when Moscow, targeted by a Western embargo, seeks to redirect its hydrocarbon sales to Asia.

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Neither the amount nor the volumes decided have been communicated. All that is known is that Rosneft has signed a contract with Indian Oil to "significantly increase oil supplies" to India, which are already considerable. Russia announced on Wednesday (March 29th) that its crude exports to India increased 22-fold last year.

Export diversion

Moscow, hit by heavy Western sanctions, is redirecting its hydrocarbon exports to Asia, particularly China and India. These two countries are taking advantage of the situation to negotiate the lower price of the volumes of Russian black gold not bought by Western countries. Since the Western sanctions against Moscow due to the invasion of Ukraine, trade between Russia and India has increased thanks, among other things, to fossil fuels.

One of India's top five trading partners

Rosneft, citing data from India's Ministry of Commerce, said Russia last year became one of India's top five trading partners for the first time in its history, with trade between the countries reaching $38.4 billion.

(

With AFP)

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