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Russia seeks to deepen oil ties with India as sanctions over Ukraine invasion

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Russia has urged India to increase investment in the sanctioned country’s oil and gas sector and is interested in expanding the sales network of Russian companies in Asia’s third-largest economy.

The US economy faces its deepest crisis since the collapse of the Soviet Union in 1991, when the West imposed severe sanctions over Moscow’s invasion of Ukraine.

Some Western allies have encouraged India to condemn Russia’s actions in Ukraine, after New Delhi abstained from voting against Moscow, a longtime arms supplier, at the United Nations.

Russia’s exports of oil and petroleum products to India have reached $1 billion, and there are clear opportunities to increase this number, Russian Deputy Prime Minister Alexander Novak said. , according to a statement by the Russian Embassy in India late on Friday.

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

Last week, the United States banned Russian oil imports and Britain said it would phase them out by the end of the year, decisions that are expected to further disrupt the global energy market, where Russia is an oil exporter. second largest raw.

The White House also banned any new American investment in the Russian energy sector and banned Americans from participating in any foreign investment flowing into the Russian energy sector.

The U.S. imports an average of more than 20.4 million barrels of crude and refined products per month from Russia in 2021, accounting for about 8% of U.S. liquid fuel imports, according to the Energy Information Administration. Energy Information. The US also imports a negligible amount of coal from Russia.

Europe is trying to accelerate moves to cut its dependence on Russian oil and gas.

Indian state-owned companies hold shares in Russia’s oil and gas fields, while Russian entities including Rosneft own a majority stake in India’s Nayara Energy refinery. Some Indian companies also buy oil from Russia.

Novak said Russia wanted both countries to continue cooperation on civil nuclear energy, including the construction of new units at a nuclear power plant in the southern Indian town of Kudankulam.

https://www.independent.ie/business/world/russia-seeks-to-deepen-oil-links-with-india-as-sanctions-over-ukraine-invasion-bite-41442768.html Russia seeks to deepen oil ties with India as sanctions over Ukraine invasion

Fry Electronics Team

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