Russia Willing To Increase Oil Exports To India As It Loses Major Buyers In Last Two Weeks

| Updated: March 12, 2022 8:08 am

At the moment facing the harshest sanctions from the western countries and the recent fuel export ban by the US, Russia has shown the willingness to increase the exports of its oil and petroleum products to India. Russian Deputy PM and former Energy Minister Alexander Novak on Friday expressed the willingness of Russia to strengthen the strategic partnership in the energy sector between both countries to Indian Petroleum and Natural Gas Minister Hardeep Singh Puri, stated a statement issued by the Russian government.

“Russia’s oil and petroleum product exports to India have approached $1 billion, and there are clear opportunities to increase this figure… We are interested in further attracting Indian investment to the Russian oil and gas sector and expanding Russian companies’ sales networks in India,” read the statement. To which, the Indian side agreed to keep the proposals on discussion for the officials.

This comes after Russia lost its major buyers of crude oil in the last two weeks as the US, the EU and other countries have imposed major sanctions on Russia. The decision led to a steep increase in oil prices, crossing $139 per barrel at one point and remaining over $100 per barrel.

The Finance Minister of India. Nirmala Sitharaman in her recent address to the reporters had said that Russia had proposed an “open offer” to India to sell crude oil at a discounted price but that would be decided after taking into consideration many factors by the government. Factors to think about include transport routes, insurance costs for the shipments and payment channels, she added.

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