New Delhi: Leading Russian energy company executives are in New Delhi this week for the India Energy Week summit as Moscow and New Delhi commit to enhancing their energy ties and enhancing their economic cooperation.

India, the third-largest oil consumer in the world, has begun to increase its purchases of Russian energy as a result of Western sanctions that forced Moscow to lower the price of its exports in an effort to attract new customers.

New Delhi has increased its purchases of Russian oil over the past year and is now Moscow's top consumer. India continued to purchase significant quantities of Russian energy resources even after the EU imposed a price cap and a ban on crude exports. Moscow provided India with a record 1.17 million barrels of crude per day in December alone.

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Igor Sechin, CEO of Russian oil giant Rosneft, said during the summit that Asia had replaced Europe as the region with which the Urals blend oil price would be set.

"There is no reference price if Russian oil does not enter the European market. Where oil volumes actually go will determine the reference prices, Sechin noted.

A wider range of Russian crude, including lesser-known Arctic grades, is now being imported by India. Officials from the nation have frequently stated that New Delhi will keep up its independent foreign policy and is seeking stable energy relations with Russia, adding that "oil does not carry the stigma" of any particular nation.

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According to Indian Oil Minister Hardeep Singh Puri, "We are confident that we will be able to use our market to source from wherever we need to and where we can get favourable terms.

The CEO of Russia's largest independent gas producer, Novatek, Leonid Mikhelson, announced that his company is in talks with India about long-term contracts on supplies of liquefied natural gas as another sign of increased energy cooperation between the two nations (LNG).

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He also disclosed that the parties were thinking about forgoing US dollar transactions and settling LNG supply payments in national currencies, such as rupees or rubles.