Ukraine foreign minister praises UK for Russian sanctions action
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Moscow has urged New Delhi to increase its oil and gas investments in the country, as Putin seeks a lifeline to soften the blow of the crippling sanctions by the West. This comes as the EU, UK and US ban Russian energy exports in a major show of strength. Sanctions on Russian energy was a major blow to Putin as oil and natural gas exports make a major chunk of Russia’s exports.
The Russian economy is currently facing its worst crisis since the 1991 collapse of the Soviet Union, as the West imposes sanctions on various major aspects of the country’s economy.
Now, the Kremlin is looking to offset those sanctions by selling more fossil fuels to India, Asia’s third-largest economy after China and Japan.
Russia’s deputy prime minister Alexander Novak said: “Russia’s oil and petroleum product exports to India have approached $1bn, and there are clear opportunities to increase this figure.”
Speaking to India’s minister for petroleum and natural gas Hardeep Singh Puri, he discussed: “current and potential joint projects in the fuel and energy industry and noted that current projects continue to be steadily implemented.”
He said: “We are interested in further attracting Indian investment to the Russian oil and gas sector and expanding Russian companies’ sales networks in India.”
This conversation comes amidst reports that suggest India has received an offer of discounted crude oil from Russia,
Russia and India already have established military and political ties that stretch back decades.
New Delhi is the second-largest market for Russia’s defence industry, as Russian weaponry makes up 68 percent of the country’s arms imports.
He said: “We are interested in further attracting Indian investment to the Russian oil and gas sector and expanding Russian companies’ sales networks in India.”
This conversation comes amidst reports that suggest India has received an offer of discounted crude oil from Russia,
Russia and India already have established military and political ties that stretch back decades.
New Delhi is the second-largest market for Russia’s defence industry, as Russian weaponry makes up 68 percent of the country’s arms imports.
At the United Nations, India abstained from voting against Russia after it invaded, much to Western powers’ dismay.
Since Kremlin was hit was harsh sanctions by the West, it has been looking towards trade with Asian countries, most notable with China.
Experts have warned that Putin and his Chinese counterpart Xi Jinping are looking to increase their gas trade exponentially with the development of three gas pipelines that will flow from Russia to China.
Speaking at the Business, Energy and Industrial Strategy Committee, Mike Bradshaw, professor of global energy at the University of Warwick, said: “I’d just like to point out that Russia and China do have a gas pipeline – The Power of Siberia pipeline.
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“In actual fact back in early February when Putin was in Beijing for the Olympics, they signed a deal on another pipeline to come from Sakhalin islands.
“They’re now in discussions for a third pipeline, the so-called Power of Siberia 2.”
Signing major energy deals with China and India could significantly lessen the blows of economic sanctions.
Both countries have a high energy demand due to their massive population sizes and still primarily rely on fossil fuels.
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