India and Russia target $100 billion in bilateral trade by 2030

India following the government-to-government route will strengthen partnership with energy entities in Russia. Russian oil majors have majority stake in private oil refiners like Nayara Energy, while Indian companies are involved along with Russian oil exploration projects in the Far East. Further, ONGC is looking ahead to retain its stake in Sakhalin 1 oil project in Russia. India also looks forward to import coking coal from Russia. Both the countries are looking to settle bilateral trade in local currencies, while interconnecting financial messaging systems.