Russia’s economy is facing the biggest economic difficulties since the dissolution of the Soviet Union in 1991.
Many countries of the world are imposing sanctions on Russia due to the attack on Ukraine. Regarding this, Russia is urging India to increase investment in the oil and gas sector in its country. Apart from this, Russia wants to expand the sales network of its companies in Asia’s third largest economy country India. The US this week imposed sanctions on buying oil from Russia and Britain said it would stop buying oil completely from Russia by the end of this year. This could have a huge impact on the global energy market as Russia is the world’s second largest exporter of crude.
Russia’s economy is facing the biggest economic difficulties since the dissolution of the Soviet Union in 1991 as Western countries imposed heavy sanctions on Russia due to the attack on Ukraine. While India was present at the time of voting against Russia in the UN Security Council, Western countries made constant efforts to condemn Russia’s action from India.
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Russia exports $ 100 million petro products to India
Oil and petro products worth $ 100 million (Rs 7675.92 crore) are exported from Russia to India. In such a situation, Russia’s Deputy Prime Minister Alexander Novak says that there is a better chance to increase this export. This statement of Novak was issued by the Embassy of Russia in India late on Friday (March 12). Nowak had told Indian Petroleum and Natural Gas Minister Hardeep Singh Puri that he wants to increase Indian investment in Russian oil and gas sector and sales network of Russian companies in India.
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There are business relations between the companies of India and Russia
Indian state companies have stake in Russia’s oil and gas fields. At the same time, Russian companies also have business in India such as Rosneft has a majority stake in the Indian refinery Nayara Energy. Some Indian companies also buy oil from Russia. Nowak hopes that the two countries will continue to cooperate on civilian nuclear power. Russia is building a nuclear power plant in the South Indian city of Kudankulam.
(Input: Reuters)
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