Pump jacks are seen on the Ashalchinskoye oil discipline owned by Russia’s oil producer Tatneft close to Almetyevsk, within the Republic of Tatarstan, Russia, July 27, 2017. REUTERS/Sergei Karpukhin/File Picture
NEW DELHI, March 12 (Reuters) – Russia urged India to deepen its investments within the sanction-hit nation’s oil and fuel sector, and is eager on increasing the gross sales networks of Russian corporations in Asia’s third-largest financial system.
Russia’s financial system faces its deepest disaster because the 1991 collapse of the Soviet Union, because the West imposes extreme sanctions over Moscow’s invasion of Ukraine.
Some western allies have inspired India to sentence Russia’s actions in Ukraine, after New Delhi abstained from voting in opposition to Moscow, a long-standing arms provider, on the United Nations. learn extra
“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 serious about additional attracting Indian funding to the Russian oil and fuel sector and increasing Russian corporations’ gross sales networks in India,” Novak instructed Indian Minister of Petroleum and Pure Gasoline Hardeep Singh Puri.
America this week banned Russian oil imports and Britain mentioned it can section them out by 12 months finish, selections anticipated to additional disrupt the worldwide vitality market, the place Russia is the second-largest exporter of crude. learn extra
Indian state-run corporations maintain stakes in Russian oil and fuel fields, whereas Russian entities together with Rosneft (ROSN.MM) personal a majority stake in Indian refiner Nayara Power. Some Indian corporations additionally purchase Russian oil.
Russia expects each international locations to proceed cooperation on civilian nuclear energy, together with constructing new items at a nuclear energy plant within the south Indian city of Kudankulam, Novak mentioned.
Reporting by Nidhi Verma; Writing by Devjyot Ghoshal; Modifying by William Mallard
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