Crude oil made the game, last year India-Russia made this trade record

The year 2022 was full of economic changes for the whole world. During this period there were widespread changes in the economic relations and India was also not untouched by it. Especially if we look at the trade relations between India and Russia, there have been unprecedented changes in it. In the changed situation, trade between the two countries increased rapidly and for the first time in history, Russia became one of the top five trading partners of India.

Target completed 02 years ago

During the year 2022, there was a trade of $ 38.4 billion between India and Russia. This is the highest ever trade between the two countries during any one year. This information was given by Igor Sechin, Chief Executive Officer of the Russian company Rosneft Oil Company. He is currently on a visit to India. He said that the leaders of both the countries had set a target of reaching $30 billion in mutual trade by the year 2025, but it has been achieved ahead of time.

signed the agreement

During Sechin’s visit, Rosneft Oil Company and Indian Oil Corporation Limited signed a term agreement regarding increasing the supply of oil and diversifying the grades available to India. The agreement was signed by CEO Igor Sechin on behalf of Rosneft Oil Company and Shrikant Madhav Vaidya on behalf of Indian Oil Corporation Limited. During this, Petroleum and Natural Gas Minister Hardeep Singh Puri was present.

These issues were also discussed

During this, both sides discussed ways to increase participation in the entire supply chain of the energy sector, including the possibilities of making payments in rupees and rubles between Rosneft Oil Company and Indian companies. Apart from this, the ongoing implementation of various joint projects of Rosneft and Indian companies, including Sakhalin-1, Tass-Yuryakh and Vankorneft, was also noted.

the uptrend is going to continue

Rating agency S&P500 recently said in a report that trade between Russia and India will pick up during 2022. year 2023 may continue during The agency had said that India’s imports from Russia could increase further. On the other hand, in terms of Russia, China was its biggest importer last year. This year also China can remain Russia’s biggest buyer.

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