Reuters has reported that Indian company Reliance Industries will buy Russian oil in roubles and is also able to acquire the oil at a discount.

Four people with knowledge of the situation told Reuters that Russia's Rosneft and India's Reliance Industries, which runs the largest refining complex in the world, have agreed on a one-year purchase agreement for at least 3 million barrels of oil per month in roubles.

To support commerce despite sanctions imposed by the US and Europe, Russia...