Russia seeks Indian investment in its oil and gas sector

Russia’s economic system faces its deepest disaster for the reason that 1991 collapse of the Soviet Union, because the West imposes extreme sanctions over Moscow’s assault on Ukraine.

Some western allies have inspired India to sentence Russia’s actions in Ukraine, after New Delhi abstained from voting towards Moscow, a long-standing arms provider, on the United Nations.

“Russia’s oil and petroleum product exports to India have approached $1 billion, and there are clear alternatives to extend this determine,” mentioned Russia’s Deputy Prime Minister Alexander Novak, in response to a press release shared by Russia’s embassy in India late on Friday.

“We’re keen on additional attracting Indian funding to the Russian oil and fuel sector and increasing Russian corporations’ gross sales networks in India,” Novak informed Indian Minister of Petroleum and Pure Fuel Hardeep Singh Puri.

The USA this week banned Russian oil imports and Britain mentioned it should part them out by yr finish, selections anticipated to additional disrupt the worldwide power market, the place Russia is the second-largest exporter of crude.

Indian state-run corporations maintain stakes in Russian oil and fuel fields, whereas Russian entities together with Rosneft personal a majority stake in Indian refiner Nayara Power. Some Indian corporations additionally purchase Russian oil.

Russia expects each nations to proceed cooperation on civilian nuclear energy, together with constructing new models at a nuclear energy plant within the south Indian city of Kudankulam, Novak mentioned.