Indonesia Signs Deal to Increase Russian Oil Imports

Indonesia and Russia have signed a contract to increase Indonesia’s imports of Russian oil. According to Jin10, foreign media reported that the contract was finalized through Indonesia’s state oil and gas agency, Lemigas, and was based on an agreement reached at the highest level between Russian President Vladimir Putin and Indonesian President Subianto. The agreement is part of a broader procurement plan under which Indonesia plans to purchase a total of 150 million barrels of Russian oil, to be implemented in phases by the end of 2026. Last week, Indonesia’s Energy Ministry confirmed that Indonesia would continue importing Russian crude oil even as tensions in the Middle East eased and the Strait of Hormuz reopened.