India to increase Russian oil imports to 2030

India plans to boost imports of Russian oil through 2030 in line with bilateral trade targets, says Indian Ambassador to Russia Vinay Kumar. Speaking at the Eastern Economic Forum, Ambassador Kumar told TASS news agency that the two countries aim to be doing ₹8.3 lakh crore ($100 billion) in bilateral trade by 2030.

“Our leaders have set a trade turnover goal of ₹8.3 lakh crore by 2030. As we strive to achieve this in bilateral trade, these imports must increase,” the diplomat stated when asked if India intends to increase oil imports from Russia.

India has significantly increased its purchases of Russian oil since 2022. The two countries are also exploring ways to boost trade in other sectors and facilitate transactions in national currencies. Indian officials expect oil imports to increase further to help meet the 2030 target.

Source: TASS