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 achieved 02 years in advance
Year 2022 During 2015, trade between India and Russia stood at $38.4 billion. 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 the leaders of the two countries had set a target of $30 billion in bilateral trade by 2025, but this has been achieved ahead of schedule.
The agreement signed
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 that India gets. 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. Petroleum and Natural Gas Minister Hardeep Singh Puri was also present during this. Ways to increase participation in the entire supply chain of the energy sector including payment possibilities were discussed. In addition, attention was paid to the ongoing implementation of various joint projects between Rosneft and Indian companies, including Sakhalin-1, Tass-Yuryakh and Vankorneft.
Uptrend to continue
Ratings Agency S&P500 recently said in a report that the trade between Russia and India increased during 2022 May continue during the year 2023 as well. 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. China may remain Russia’s biggest buyer this year as well.
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