Russia has indicated an interest in attracting Indian companies to participate in Arctic shelf development, RIA Novosti reports. This was discussed in a joint statement by Russian President Vladimir Putin and Indian Prime Minister Narendra Modi.

To further strengthen bilateral oil and gas cooperation, Russia has expressed interest in involving Indian companies in joint projects for the development of Russia's Arctic shelf, the statement reads.

Russia submitted a territorial claim to the UN for the hydrocarbon-rich shelf in Arctic waters that includes the Lomonosov and Mendeleyev ridges in 2001. The submission was not considered by the UN for lack of information. The latest submission includes an area beyond the 200 mile limit of Russia's Arctic waters and includes the North Pole. For over 10 years, new expeditions to the North Pole and seismic, geological and geophysical research were carried out in the Arctic Ocean to study the geological composition of the Mendeleyev and Lomonosov ridges, to complete a bathymetric survey.

Russia filed an updated submission for Arctic shelf expansion in 2015.  Russian Minister of Natural Resources and Environment Sergei Donskoi said Russia's claim is for 1.2 million square kilometers of area which is estimated to hold 5 billion metric tons of hydrocarbon and other resources. The next meeting of the UN Commission on the Limits of the Continental Shelf (CLCS) to consider Russia's application will be held in October.