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Russia offers India cooperation on lease and construction of heavy-tonnage vessels

The parties also noted a record growth in trade between the two countries and expressed their readiness to continue and develop cooperation on trade in energy resources

MOSCOW, December 9. /TASS/. Russia has offered India cooperation on the lease and construction of heavy-tonnage vessels to India, the press service of the Cabinet reported following a meeting between Deputy Prime Minister Alexander Novak and India’s Ambassador to Russia Pavan Kapoor.

"In order not to depend on the ban on insurance services and chartering of tankers in the European Union and the UK, the Deputy Prime Minister offered Indian cooperation on leasing and building large-capacity vessels," the statement says.

The parties also noted a record growth in trade between the two countries and expressed their readiness to continue and develop cooperation on trade in energy resources: oil, petroleum products, liquefied natural gas, coal and fertilizers, according to the statement.

At the end of 2021, bilateral trade between Russia and India increased by 46.5%, exceeding $13.5 billion. In January-September 2022, the trade turnover exceeded the 2021 figure and amounted to $20.4 billion.

In the first eight months of 2022, Russian oil exports to India grew to 16.35 million tons. In the summer, Russia came in second place in terms of oil shipments to India. Deliveries of oil products and coal also increased.

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