Alhthough the west has been hostile towards the import of goods from Russia since it launched an attack on Ukraine, India has defied the sentiment to buy oil at a discount from the country. As of December 2022, India had saved more than 35,000 crore by continuing its import of fuel from Russia, even as the US and its allies moved to impose a price cap on it. Further justifying the policy which has worked in India's favour as Russia has banned exports to countries which agreed to the price cap, External Affairs Minister S Jaishankar has said that Europe has imported six times more fuel from Russia since February 2022.
Calls on Europe to share its privilege
He also called on the European leaders to allow other governments around the world to reduce the effect of the Russia-Ukraine war on their economies and people. Jaishankar also said that while Europe has per capita income of 60,000 euros, India needs to think of a population with a $2000 per capita income.
India to look for oil where it's cheapest
He also questioned Europe for not cutting off energy supplies from Russia right after February 25. As inflation puts pressure on day to day expenses of Indian households, India has maintained that it will continue to source oil from any place where the prices are lowest.
Although Iraq also supplies discounted oil to India, Russia surpassed it and Saudi Arabia, to be the top supplier to India for two straight months. That's a big jump for Russia, which only accounted for 0.2 per cent of oil which was flowing into India till March 31, 2022.
Maintains support for dialogue
Jaishankar also criticised European actions for putting pressure on global oil markets, by moving to Middle East and driving up prices. As for India's foreign policy, the minister maintained that the country supports dialogue to settle the Russia-Ukraine dispute.
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