Russia and India Sign Largest-Ever Oil Deal

Russia’s state-owned company Rosneft agreed to supply nearly 500,000 barrels of oil per day to Indian private refiner Reliance on Thursday, marking the largest energy agreement ever made between the two countries.

The 10-year agreement is valued at about $13 billion per year at current market prices. It accounts for 0.5 percent of total global crude supply.

Circumventing sanctions: Since Russia’s invasion of Ukraine, India has become the biggest importer of Russian oil. Because of Western sanctions and price caps on Russian crude, India has benefited from cheaper prices—$3 to $4 less per barrel. India refines a large portion of that oil and sells it to Europe, allowing Russia to circumvent sanctions.

India-Russia axis: In recent months, Russia and India have deepened their trade relations and military cooperation.

The Bible foretells of a massive alliance of Asian giants it calls “the kings of the east.” This alliance will be headed by Russia and will include India. To learn about this alliance in detail, read Russia and China in Prophecy.