NEW DELHI, (Reuters) – Russia urged India for greater investments in its oil and gas sector. It is also keen to expand the sales network of Russian businesses in Asia’s third largest economy.

Russia’s economic crisis is deepest since 1991’s collapse of Soviet Union. The West has imposed severe sanctions on Russia for its invasion of Ukraine.

After New Delhi had abstained in voting against Moscow at the United Nations, some western allies encouraged India to condemn Russia’s actions in Ukraine.

Russian oil and petroleum product exports have approached $1B, with clear potential to grow this number,” stated Alexander Novak, Russia’s Deputy Prime Minster, in a joint statement by Russia’s Embassy in India, late Friday.

Novak said to Hardeep Singh Puri, Indian Minister for Petroleum, that he was interested in “further attracting Indian investors into the Russian oil-and gas sector” and in expanding Russian company’s sales networks in India.

The United States has banned Russian oil imports this week and Britain announced that they will be phased out by year’s end. This decision is expected to further disrupt global energy markets, in which Russia is currently the second-largest crude exporter.

Indian state-run enterprises hold shares in Russian oil fields and Russian entities, including Rosneft, own the majority of Indian refiner Nayara Energy. Russian oil is also bought by some Indian firms.

Novak indicated that Russia expected both countries to maintain cooperation in civilian nuclear power. He also said they would be building more units at Kudankulam’s nuclear power plant.