Russia has become India’s largest oil supplier and has contributed significantly to the country’s energy security, Russian Ambassador to India Denis Alipov said Thursday during the India Business Council dialogue (ICWA) and the Russian Council.
He said that Russia is successfully developing an alternative transport route, the ITC North-South, to attract partners in large-scale energy and infrastructure projects in the Russian forest in Siberia for the sea route of the North, according to the ANI news agency.
There is immense prospect in sectors such as airport infrastructure, maritime and rail infrastructure, steel production, petrochemicals, start-ups, aircraft and shipbuilding, agriculture, advanced technologies, development and digitization, Alipov said.
The Russian Ambassador to India further added that the country has a lot to offer India and vice versa in all these areas with Western companies leading the way. “India has taken a neutral stance on Moscow’s exclusion from multilateral institutions,” he added, quoted by ANI.
Earlier on Monday, the Russian government barred domestic oil exporters and customs authorities from adhering to Western-imposed price caps on Russian crude.
The measure was issued to help enforce President Vladimir Putin’s Dec. 27 decree banning the supply of crude oil and petroleum products from Feb. 1, for five months, to countries that meet the caps.
The G7 economies, the European Union and Australia agreed on December 5 to ban the use of Western-provided maritime insurance, finance and brokerage for Russian oil transported by sea to a price above $60 a barrel amid Western sanctions against Moscow for its actions in Ukraine. .
The new Russian law prohibits companies and individuals from including oil price cap mechanisms in their contracts. They must also report to customs authorities and the Ministry of Energy any attempt to impose caps on oil prices.
Source: Living Mint
