Moscow: Russia has urged India to increase its investment in the oil and gas sector.
In response to Russia’s invasion of Ukraine, the United States and Western European countries have imposed major sanctions on Russia.
Following the collapse of the Soviet Union in 1991, the Russian economy is in deep crisis.
In this context, Russia has turned its attention to India to keep the country’s economy, especially the oil sector, afloat.
Meanwhile, Western allies have called on India to condemn Russia’s military operations in Ukraine.
In this regard, the Russian Embassy in India shared a statement issued by the Russian Deputy Prime Minister Alexander Novak on Friday night.
“Russia’s oil and petroleum exports to India are in US dollars
Reached $ 1 billion (S $ 1.36b).
“There are opportunities to increase this amount,” Novak said.
The United States this week imposed a ban on Russian oil imports. Britain has said it will stop receiving them by the end of the year.
This is expected to have a major impact on the global energy market.