Rosneft's $20 Billion Bet: Strengthening Indo-Russian Energy Ties

Russian oil company Rosneft has invested $20 billion in India, aiming to expand its presence and strengthen Indo-Russian energy ties. India, which has increased its imports of Russian oil, has not condemned Russia over its Ukraine conflict. Both nations seek to boost bilateral trade significantly by 2030.

Russian oil producer Rosneft has injected $20 billion into India, as revealed by Russian President Vladimir Putin, cementing its plans to broaden its footprint in the Indian market. The investment underscores the strengthening energy ties between India and Russia.

During the 15th VTB Russia Calling Investment Forum, Putin emphasized the potential profitability of manufacturing operations in India. Rosneft's strategic acquisition of Indian refiner Essar Oil in 2017 has already opened avenues into India's fuel retail market.

As India continues to buy Russian oil, undeterred by the ongoing conflict in Ukraine, trade between the two countries has surged, nearly doubling to $65 billion in 2023. Indian Foreign Minister Subrahmanyam Jaishankar advocates for better access to Russia's economy, with Putin's visit to India expected early next year.

(With inputs from agencies.)