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According to the statement issued by the Russian Foreign Ministry, Russian oil imports to India rose to 16.35 million tonnes in the first eight months of 2022. Notably, India continues to import oil from Russia despite the ongoing war between Russia and Ukraine. The Ministry of External Affairs has defended the decision of purchasing Russian oil, ANI reported.
Russia was ranked second in terms of oil shipments to India during the summer. Additionally, supplies of oil products and coal surged.
During the meeting with Pavan Kapoor, Novak invited the Minister of Petroleum and Natural Gas Hardeep Singh Puri to take part in the international forum, Russian Energy Week 2023, which is scheduled to be held in Moscow from October 11-13, 2023.
ALSO READ: South Asia Paying Price For Russia-Ukraine War, India A Bright Spot: The World Ahead 2023 Report
The ANI reported that during the meeting, the two sides noted the record growth in trade between Russia and India, and expressed the desire to continue the interaction, increasing cooperation on trade in energy resources like oil, petroleum products, liquefied natural gas, coal and fertilizers.
Furthermore, the statement added that Russia’s Deputy PM Novak offered cooperation to India on leasing and building large-capacity ships in order not to depend on the ban on insurance services and tanker chartering in European Union and the United Kingdom. Novak described introducing a price cap on Russian oil as an “anti-market measure” which he stressed affects supply chains.
“The introduction of a price cap on Russian oil is an anti-market measure. It disrupts supply chains and could significantly complicate the situation in global energy markets. Such non-market mechanisms disrupt the international trading system as a whole and set a dangerous precedent in the energy market,” Novak said in the statement.
“As a result, the problem of energy poverty is being aggravated not only in the developing world, but also in the developed countries of Europe,” it added.
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