In The Wake Of US Sanctions, Russia Asks India To Boost Investments In Its Oil And Gas Sector

by Swarajya Staff - Mar 13, 2022 12:20 PM +05:30 IST
In The Wake Of US Sanctions, Russia Asks India To Boost Investments In Its Oil And Gas SectorPM Modi and Russian President Vladimir Putin

Russia has asked India to increase its investments in Moscow’s oil and gas sector, Reuters reports.

“Russia's oil and petroleum product exports to India have approached $1 billion, and there are clear opportunities to increase this figure,” Russian Deputy Prime Minister Alexander Novak was quoted by the international news agency.

“We are interested in further attracting Indian investment to the Russian oil and gas sector and expanding Russian companies' sales networks in India,” Novak reportedly told Union Petroleum and Natural Gas Minister Hardeep Singh Puri.

On the backdrop of the war between Russia and Ukraine, the United States of America (USA) banned oil imports from Moscow last week.

USA has outlined plans to phase them out by the end of the ongoing year. In all likelihood, this move will disrupt the global energy market as per the report by Reuters.

Both Indian and Russian state-owned companies own stakes in certain oil and gas fields in each other’s countries.

Novak also clarified that Russia expects to continue cooperation with India in areas like the civilian nuclear power. This includes construction of new units at the nuclear power plant in Kudankulam in Tamil Nadu.

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