Russia reaches out to India for investment in oil & gas sector amid sanctions from West

New Delhi, Mar 12 (KNN) As a move to mitigate the impact of western sanction on Russia has urged India to increase investments in its oil and gas sector.

The sanctions imposed by the Western countries are considered to land Russia in one of the deepest crisis since the fall of USSR in 1991. 

India abstained from voting against Russia at the UN, which led to western countries reaching out to India to influence its decision and condemn Russia’s invasion of Ukraine, as per media reports.

Russia's Deputy Prime Minister Alexander Novak told Indian Minister of Petroleum and Natural Gas Hardeep Singh Puri that, We are interested in further attracting Indian investment to the Russian oil and gas sector and expanding Russian companies' sales networks in India.

Russia's oil and petroleum product exports to India have approached USD 1 billion, and there are clear opportunities to increase this figure, stated Novak. (KNN Bureau)