Russia seeks more Indian investment in its oil and gas after US ban

Agencies | Moscow

The Daily Tribune – www.newsofbahrain.com

 Russia urged India to deepen its investments in the sanction-hit country's oil and gas sector, and is keen on expanding the sales networks of Russian companies in Asia's third-largest economy.

Russia's economy faces its deepest crisis since the 1991 collapse of the Soviet Union, as the West imposes severe sanctions over Moscow's invasion of Ukraine.

Some western allies have encouraged India to condemn Russia's actions in Ukraine, after New Delhi abstained from voting against Moscow, a long-standing arms supplier, at the United Nations.

The United States this week banned Russian oil imports and Britain said it will phase them out by year-end, decisions expected to further disrupt the global energy market, where Russia is the second-largest exporter of crude. 

Indian state-run companies hold stakes in Russian oil and gas fields, while Russian entities including Rosneft (ROSN.MM) own a majority stake in Indian refiner Nayara Energy. Some Indian companies also buy Russian oil.

Russia expects both countries to continue cooperation on civilian nuclear power, including building new units at a nuclear power plant in the south Indian town of Kudankulam, Novak said.