Russia said on Wednesday it sold a stake in oil giant Rosneft for 10.5 billion euros ($11.3 billion) to Qatar and commodities trader Glencore, confounding expectations that the Kremlin’s standoff with the West would scare off major investors, according to Reuters.

The deal was announced days after Russia and OPEC agreed to coordinated output cuts to support oil prices, the first time they have cut in tandem in 15 years.

“It is the largest privatisation deal, the largest sale and acquisition in the global oil and gas sector in 2016,” Vladimir Putin, Russian president, said in televised remarks from the meeting.

Under the deal, according to Sechin, Glencore and Qatar’s sovereign fund will take equal shares of the 19.5 percent stake in Rosneft, which is being sold by the government as part of a privatisation drive.

Glencore said in a statement it would finance part of the deal by putting up 300 million euros of its own equity, with the rest financed by banks and by the Qatari sovereign fund, the Qatar Investment Authority.