Russia’s Rosneft introduced a deal on Wednesday to ramp up oil gross sales to India. (File)

Moscow:

Russian power large Rosneft introduced a deal on Wednesday to ramp up oil gross sales to India, as Moscow seeks new patrons within the wake of tensions with the West over the Ukraine battle.

The Kremlin’s choice to deploy its army to Ukraine final February noticed Russia’s share of the European market collapse as Kyiv’s allies levied sanctions on the Russian oil sector.

Rosneft stated in an announcement that its CEO Igor Sechin had travelled to India and brokered an settlement with the pinnacle of the Indian Oil Company.

“Rosneft Oil Firm and Indian Oil Firm signed a time period settlement to considerably improve oil provides as effectively (as) diversify the grades to India,” Rosneft stated in an announcement.

Rosneft nevertheless didn’t specify the volumes stipulated within the settlement nor its worth.

The announcement comes in the future after Russian Deputy Prime Minister Alexander Novak stated Moscow’s oil gross sales to India had surged greater than twentyfold final yr.

Rosneft stated that representatives of the 2 oil corporations additionally mentioned the “potentialities of creating funds in nationwide currencies,” pointing to Russia’s efforts to de-dollarise its economic system.

Russia, a significant producer and key ally of the OPEC oil cartel, minimize crude manufacturing by 500,000 barrels per day this month in response to the Western sanctions.

Rosneft earlier this month posted a pointy drop in annual revenue within the wake of Western sanctions towards Russia.

(Aside from the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)