INTRODUCTIONIndia's relations with the former Soviet Union and the Russian Federation are based on trust and mutual interests. India and Russia established deep-rooted friendship and diplomatic relations on April 17, 1947, marking the beginning of cooperation and friendship. The civilizational ties and spiritual and cultural affinities of the two nations form the basis of deep understanding between them and mutually beneficial relations, which have always defined Indo-Russian cooperation as time-tested and rock-solid. As the saying goes that 'an old friend is worth two new ones', India and Russia share similar sentiments. Russia is today one of the largest holders of hydrocarbon resources in the world. Much of their oil will likely be produced from the West Siberian and Volga-Ural basins. The development of new oil and gas basins off the Arctic, eastern Siberia and the Far East will further replenish the existing resource base. On the other hand, a developing country like India has seen a substantial increase in its energy demand in recent years due to population growth and economic development. However, the country has long suffered from "energy poverty" due to over-reliance on West Asian energy sources. The current need is to diversify energy supply sources. Russia's growing hydrocarbon production and India's expanding market are expected to be matched through dedicated joint ventures. State-backed companies from both countries have come together to cooperate on upstream and downstream energy projects. India's recent economic performance, growing energy market and technical capabilities make India and Russia one of the most reliable partners in the quest for energy security.FR... ... middle of paper ......technical capabilities provide stimulus for Russia's economy.BIBLIOGRAPHY• Importance of Indo-Russian relations in the 21st century: VDChopra (kalpaz publications)• Indo-Russian relations (prospects , problems and Russia today): VD Chopra (kalpaz publications)• Article: Offshore energy cooperation: Kishore Kumar• Article: Indo-Russian economic cooperation: Debidatta Aurobindo Mahapatra• Article: Energy cooperation between India and Russia (policy and approach): Nivedita Das Kundu• Article: Revitalizing the Indo-Russian relationship: Katherine Foshko Tsan• Article: India-Russia strategic partnership (joint perspectives): P. Stobdan• http://in.rbth.com/articles/2012 /12/14/untapped_potential_for_russia_in_indian_renewable_energy_21011.html.