Saturday, August 13, 2022
HomeNewsIndia hands Russia lifeline: Modi and Putin poised for huge deal to...

India hands Russia lifeline: Modi and Putin poised for huge deal to avert West's sanctions


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.

READ MORE: Energy crisis: PM handed ‘cake and eat it’ plan to CUT Russian ties



RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Recent Comments