Russia and India work on using the NSR and hydrocarbon deposits located on Russia’s shelf
The Northern Sea Route ensures impressive prospects of SCO development – RF Foreign Minister Sergey Lavrov said at a joint news conference with Minister of External Affairs of the Republic of India Subrahmanyam Jaishankar. The transcript is available on the official website of the Ministry of Foreign Affairs of the Russian Federation.
When speaking about the SCO development priorities, Sergey Lavrov said that in addition to land routes, the possibilities of using the Northern Sea Route are being considered. “It will make prospects look impressive. We are working with our Indian friends on this, that is, using the Northern Sea Route and hydrocarbon deposits that are located on Russia’s shelf,” said the Minister.
According to Sergey Lavrov, good prospects of energy cooperation with the Indian side were noted, “including an increase in Russian hydrocarbon exports to the Indian market and mutual participation in the plans for extraction, in part in the Far East and on the Arctic shelf of the Russian Federation”.
The Minister said the parties had discussed in detail the status of and prospects for the ongoing talks on launching the North-South international transport corridor and other aspects related to logistics in the common region.
By September 2022, the Russia-India trade was 133 percent of the same period in 2021, at almost $17 billion, according to the Minister.