SUHAG VIKRAM

Energy exports play a significant role in the Russian economy, namely, in the country’s modernization. As for energy resources, the Arctic region ranks first in Russia’s unused fuel reserves. These energy reserves are critical to maintaining production levels as fuel production from conventional fields declines. Western technologies for exploiting these resources have not been available to the Russian energy sector since 2014, but Russia is increasing import substitution and establishing partnerships with Asian countries. Another area where Russia is looking for partners for Arctic energy development is investments. For India, the Arctic region is also of significant interest in the areas of environmental protection, economics, and politics. Climate change in the Arctic is devastating the entire planet, and the rise in sea level caused by melting glaciers threatens to flood parts of India. India’s rapid industrial development leads to a growing demand for raw materials, primarily hydrocarbons. In recent years, Indian authorities have seen a significant increase in investments in the regional economy by Indian energy companies since the Arctic region can become a strategically important factor in India’s energy security. The country is actively involved in addressing global issues, including those related to the Arctic.