Russia Seeks More Indian Investment In Its Oil And Gas After US Ban

Mumbai: Russia’s Deputy PM Alexander Novak has said that Russia’s oil and petroleum product exports to India have approached $1 billion and added, “We are interested in further attracting Indian investment to the Russian oil and gas sector.”

Russia’s economy is facing its deepest crisis since the 1991 collapse of the Soviet Union, as the West imposed severe sanctions on Moscow’s invasion of Ukraine.

Some Western allies have encouraged India to condemn Russia’s actions in Ukraine, as New Delhi has long refrained from voting at the United Nations against arms supplier Moscow.

Russian Deputy Prime Minister Alexander Novak said, “Russia’s oil and petroleum product exports to India have reached $1 billion, and there are clear opportunities to increase this figure.”

“We are interested in further attracting Indian investments in the Russian oil and gas sector and expanding the sales network of Russian companies in India,” Novak told Indian Petroleum and Natural Gas Minister Hardeep Singh Puri.

The United States this week imposed sanctions on Russian oil imports and Britain said it would phase them out by the end of the year, a decision expected to further disrupt the global energy market, where Russia is the second-largest exporter of crude.

Indian state-run companies hold stakes in Russian oil and gas fields, while Russian entities, including Rosneft (ROSN.MM), have a majority stake in Indian refiner Naira Energy. Some Indian companies also buy Russian oil.

Russia expects both countries to continue cooperation on civilian nuclear power, including building new units at a nuclear power plant in the south Indian town of Kudankulam, Novak said.

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