Kyiv, Sept. 4 -- External Affairs Minister S Jaishankar has defended India's continued purchase of Russian crude oil, saying that stopping or continuing such purchases would not bring an end to the Russia-Ukraine war. Speaking in Kyiv after meeting Ukrainian Foreign Minister Andrii Sybiha, Jaishankar said the five-year-old conflict could only be resolved through dialogue, diplomacy and negotiation, rather than decisions over the purchase of oil, minerals, metals or fertilisers.
Responding to questions over India's Russian oil imports, Jaishankar highlighted the challenge of meeting the energy needs of 1.4 billion people at a time when global energy conditions remain difficult. He said India respects Ukraine's position on the issue but expects other countries to respect India's perspective as well. His remarks came amid Western pressure on countries continuing to buy Russian energy. The US Senate last month passed a bipartisan bill that could allow President Donald Trump to impose tariffs of up to 100% on goods from countries, including India and China, that continue importing Russian oil and gas.
Russia has remained India's largest crude oil supplier despite the pressure. India imports around 88% of its crude oil requirements from overseas, with roughly one-third coming from Russia. Indian purchases of Russian crude rose sharply after the 2022 invasion of Ukraine, when Western countries reduced their purchases from Moscow. However, imports declined in August after reaching record levels in June and July. India imported around 2.1 million barrels of Russian crude per day in August, accounting for more than 40% of its total crude imports. Russia has also become increasingly dependent on Asian buyers such as India and China after European sanctions restricted its access to Western markets. Steady demand from Indian refiners has helped Russian exporters maintain shipments despite restrictions affecting shipping, insurance and financial services.
Published by HT Digital Content Services with permission from Millennium Post.