Following the US prohibition, Russia is looking for greater Indian investment in its oil and gas sector.

Russia has asked India to increase its investments in the sanctioned country's oil and gas industry, as well as to develop Russian firms' sales networks in Asia's third-largest economy.

Russia's economy is in its worst state since the Soviet Union collapsed in 1991, as the West implements harsh sanctions in response to Moscow's invasion of Ukraine.

After New Delhi abstained from voting against Moscow, a long-time arms supplier, at the United Nations, several western friends have urged India to denounce Russia's activities in Ukraine.

"Russian oil and petroleum product exports to India have surpassed $1 billion, and there are clear potential to expand this amount," Russia's Deputy Prime Minister Alexander Novak said in a statement released late Friday by the Russian embassy in India.

The United States banned Russian oil imports this week, and the United Kingdom announced it would phase them out by the end of the year, measures that are anticipated to severely destabilise the global energy market, where Russia is the second-largest crude supplier.

Indian state-owned firms has shares in Russian oil and gas reserves, while Russian corporations such as Rosneft own a controlling part in India's Nayara Energy refinery. Russian oil is also purchased by several Indian firms.

According to Novak, Russia expects the two nations to continue cooperating on civilian nuclear power, including the construction of new units at a nuclear power facility in Kudankulam, India.

On Friday, Russia's deputy prime minister, Alexander Novak, met with India's petroleum minister, Hardeep Singh Puri, to discuss strengthening strategic partnerships in the energy sector.

According to a Russian official statement, "Russia's oil and petroleum product exports to India have exceeded $1 billion, and there are significant prospects to enhance this amount."

"We want to encourage more Indian investment in Russia's oil and gas industry, as well as develop Russian firms' sales networks in India."

Joe Biden said earlier this week that the United States will prohibit the entry of Russian petroleum goods into American markets in order to cut off funding for Russian President Vladimir Putin's invasion of Ukraine.

Imports will also be phased out by the end of the year, according to the British government.

Global oil prices have soared as a result of the move, with prices holding above $100 (£76.70) per barrel. After touching a session low of $107.13, Brent oil futures gained $3.34, or 3.1 percent, to settle at $112.67 a barrel on Friday.

Russia, the world's second-largest crude supplier, is also facing further penalties from the European Union and other western countries.

The Russian economy is said to be in its worse state since the Soviet Union fell apart in 1991.

Last week, Ukrainian President Volodymyr Zelensky pressed for a ban on Russian fossil fuel imports from the United States and Europe.

The phone call between India and Russia appears to back up claims that New Delhi had received a discounted crude oil offer from Russia.

Meanwhile, India has maintained a neutral stance in the face of the Russian invasion.

India has refrained from voting at the United Nations on a resolution denouncing Russia's conduct in Ukraine, as it is unwilling to take a stand against its long-time armaments supplier.

Mr Novak said in his Friday talk with the Indian minister that Russia expects the two nations to keep cooperating on civilian nuclear power, including the construction of new units at a nuclear power facility in the south Indian town of Kudankulam.

The two nations also discussed the idea of expanding their "mutually advantageous collaboration," with Russian involvement in projects in India such as "the production, processing, and distribution of oil, natural gas, and coking coal," according to the statement.

India has been advised to enhance investments in its oil and gas sector in order to alleviate the impact of Western sanctions on Russia.

The sanctions implemented by Western countries are seen to have plunged Russia into one of the most serious crises since the fall of the Soviet Union in 1991.

According to media sources, India abstained from voting against Russia at the UN, prompting western governments to reach out to India in an attempt to sway its decision and denounce Russia's invasion of Ukraine.

We are interested in drawing more Indian investment to the Russian oil and gas industry and developing Russian firms' sales networks in India, said Russian Deputy Prime Minister Alexander Novak to Indian Minister of Petroleum and Natural Gas Hardeep Singh Puri.

According to Novak, Russia's oil and petroleum product exports to India have surpassed $1 billion, and there are clear prospects to boost this amount.

Russia is eager to increase its oil and petroleum product exports to India, as well as India's investments in the Russian oil sector, despite western sanctions and a ban on fuel exports to the United States, Russian Deputy Prime Minister Alexander Novak told Petroleum Minister Hardeep Puri on Friday. According to a Russian official statement, Mr. Puri discussed the possibility of developing the India-Russia strategic relationship in the energy industry with Mr. Novak, who was also the previous Energy Minister.

"Russian oil and petroleum product exports to India have approached $1 billion, and there are clear opportunities to increase this figure," according to a statement released in Moscow about the phone call, which discussed "current and potential joint projects in the fuel and energy industry, as well as the fact that current projects are being implemented steadily."

According to the statement, Mr. Novak stated, "We are interested in attracting more Indian investment into the Russian oil and gas industry and developing Russian enterprises' sales networks in India." According to reports, the Ministers decided to allow officials to discuss the suggestions, including payment options.

The negotiations appear to support rumours that India has received a reduced crude oil offer from Russia, which has lost key consumers in the last two weeks as a result of sanctions imposed by the United States, the European Union, and other nations in response to Russia's attacks on Ukraine.

While European nations have spared Russian banks involved in energy commerce from sanctions because of their strong reliance on Russian oil, the US has issued a blanket embargo on the purchase of all Russian petroleum and petroleum products beginning March 8. The decision caused a dramatic rise in oil prices, which reached $139 per barrel at one time and are still above $100 per barrel, prompting a global inflation concern.

Stocks that have not been sold

Meanwhile, Russia, which has lost around 7,00,000 barrels of oil per day in US imports and may see a fall in current European intakes of 4.5 million barrels per day over time, will be left with unsold reserves if it does not find new clients. By 2020, Russia will have produced around 12% of the world's oil and 16% of the world's natural gas.

Finance Minister Nirmala Sitharaman reportedly told the media this week that Russia had made a "open offer" to sell crude oil to India at a reduced price, but that the government's final decision would be based on a number of factors, including transportation routes, payment channels, and insurance costs for the shipments.

A choice to buy more oil from Russia would have to be balanced against the negative reaction from India's American and European allies, who seek to economically "isolate" Russia. Last month, External Affairs Minister S. Jaishankar stated that India does not implement "unilateral sanctions," but in 2019, India agreed to "zero out" all oil imports from Iran in response to US requests.

Unsatisfied with India's choice

Mr. Puri and Mr. Novak's conversation is expected to fuel speculation that India could buy more oil from Russia, as well as brazen criticism from western governments, who have already expressed displeasure with India's decision to abstain from at least seven votes at the UN Security Council, General Assembly, Human Rights Council, and International Atomic Energy Agency.

The Indian and Russian ministers also discussed the possibility of expanding "mutually beneficial cooperation," citing India's interests in the Arctic LNG2 and Sakhalin 1 projects, LNG purchases from Gazprom, and Russian involvement in projects in India such as "the production, processing, and distribution of oil, natural gas, and coking coal," according to the statement.