arctic: India invited to participate in the Arctic segment of the Eastern Economic Forum in Vladivostok

India has been invited to participate in the Arctic segment of the 7th Eastern Economic Forum in Vladivostok from September 5-8, which will include a presentation on the investment potential of Russian regions. The invitation came when Nikolay Korchunov, Chairman of the Arctic Council’s Committee of Senior Arctic Officials and Goodwill Ambassador for Arctic Cooperation of the Russian Foreign Ministry, met with Sanjay Verma, Secretary (West) of the Ministry of Foreign Affairs on Friday, to hold a regular series of consultations among foreign ministries on Arctic issues.

The consultations brought together representatives of the Russian Ministry of Development of the Russian Far East and Arctic, the state-owned company Rosatom, the Institute of Arctic and Antarctic Research and the Association of Indigenous Peoples of the North, Siberia and the Far East of the Russian Federation. Federation. Prospects for deepening Russian-Indian cooperation in high latitudes in bilateral and multilateral formats, including the Arctic Council, were discussed. Both sides noted the great potential for promoting cooperation in the fields of economy, transport, science and culture, including contacts through regional and public organizations. The Russian energy giant Rosneft recently announced the discovery of a huge oil field in the Pechora Sea (Arctic region) containing around 82 million tonnes of oil.

This could open up opportunities for India, which has invested in Russian oil assets in the Far East and has become a key importer of Russian oil. Rosneft reportedly controls a total of 28 offshore licenses in the Arctic, including eight in the Pechora Sea. India is keen to leverage the trade benefits of a shorter shipping route via the Northern (Arctic) Sea Route and fuel its economy with Arctic oil and gas as it seeks to diversify its routes supply. India’s engagement in the Arctic is also driven by its desire to secure Russia’s commitment to transport Arctic resources to India through the INSTC. The INSTC itself is very important for India as it provides an alternative to the Chinese BRI.