Indian Foreign Minister Subrahmanyam Jaishankar recently emphasized India’s pivotal role in stabilizing global oil and gas prices by maintaining trade relations with Russia. As the world’s second-largest oil buyer, India’s decision to continue its transactions with Moscow significantly contributed to managing global inflation. Speaking at a London event hosted by the High Commission of India, Jaishankar highlighted the vital steadiness in India-Russia ties, contrasting the East’s perception of Russia with the West’s view of it as a “revisionist power.”
Mitigating Global Inflation Through Trade
Jaishankar pointed out that India’s policies softened the oil and gas markets, effectively managing global inflation. He asserted that if India refrained from purchasing oil from Russia, it would have led to a substantial surge in global oil prices. Moreover, he emphasized that that Europe’s pricing would have surpassed India’s capabilities, leaving India in a disadvantageous market position.
Impact of Sanctions on Developing Nations
The diplomat underscored India’s significance in the global market, shedding light on the adverse effects of sanctions on Russia, particularly on developing nations in the ‘Global South.’ He highlighted the redirection of LNG supplies intended for the Asian market towards European countries, adversely affecting smaller countries that faced disinterest from suppliers due to the shifting market dynamics.
India’s Stand on Ukraine Conflict
Jaishankar reiterated India’s approach to the Ukraine conflict, emphasizing a delicate balance between principles and interests. He highlighted India’s powerful interest in maintaining its relationship with RUssia, stating that certain countries prioritize interests over proclaimed principles.
India’s Strategic Oil Trade with Russia
The minister’s recent statements reaffirm his earlier stance expressed in Bhopal, where he emphasized that India’s decision to continue buying oil from Russia aligned with the nation’s best interests. The increased imports of Russian oil and coking coal showcase India’s strategic approach, with imports surging significantly year-on-year.
Elevated Trade Between Russia and India
The overall trade between Russia and India has reached unprecedented levels, surpassing previous records. Figures from the Indian Ministry of Commerce and Industry reveal a substantial increase in trade between the two countries, with a significant rise in Russian exports to India, making Russia one of India’s top five trading partners in terms of goods turnover.
India’s steadfast engagement in trade with Russia not only showcases its strategic approach but also underlines its significant impact on global oil stability and trade dynamics.
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