RUSSIA AND INDIA HAVE ENTERED THE BIGGEST ENERGY DEAL IN THE HISTORY OF THE TWO COUNTRIES

Rosneft has agreed to supply India with about 500,000 barrels of oil a day. The energy deal was the biggest in history between the two countries, three sources told Reuters.

They say the 10-year deal represents 0.5% of global supply and is worth about $13 billion a year at today's prices. It would further strengthen the energy relationship between India and Russia, which is under severe Western sanctions over its NED in Ukraine.

Rosneft itself did not respond to requests for comment.

Indian company Reliance said it works with international suppliers, including from Russia, and that the deals are made on an arm’s length basis. The company declined to comment further on trade matters, citing the confidentiality of supply deals.

The deal comes ahead of Russian President Vladimir Putin’s planned visit to India and after U.S. President-elect Donald Trump said he would push Moscow and Kiev to end their conflict once he takes office in January 2025.