Image: Russian Oil giant Rosneft CEO Sechin visits India, deal with Indian Oil Company to further oil exports to India; Image source:

Russian Oil Giant Rosneft announces deal with Indian Oil Corporation to boost oil supplies to India

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29 March 2023; Wednesday; Russian oil giant Rosneft’s CEO Igor Sechin traveled to India, locking in a deal with Indian Oil Company to ramp up oil sales to India, a further step in Russia’s vision to navigate its major oil exports from the traditional European market to other countries.

The development is the latest in a long series of events ever since the Kremlin’s military deployment in Ukraine, prompting countries lead by the US and UK to impose sanctions on Russian oil and annulment of several prior trade agreements, the former leading to the collapse of Russia’s oil sector; a major and integral part of the country’s economy.

Rosneft Oil Company and Indian Oil Company signed a term agreement to substantially increase oil supplies as well (as) diversify the grades to India,” Rosneft said in a statement.

Rosneft however did not provide any quantifiables to suggest the now increased scale and new monetary value stipulated in the future agreements.

The news comes just a day after Russian Deputy Prime Minister Alexander Novak’s announcement that Moscow’s oil sales to India had surged more than twenty fold last year.

Rosneft in their official addressal also shared that heads of the two energy giants also discussed the “possibilities of making payments in national currencies,” attesting to Russia’s goal to de-dollarise its economy.

In earlier news Russia, a major key ally of the OPEC oil cartel, cut crude production by 500,000 barrels per day this month in response to the West imposed sanctions.

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