In response to a query on India’s purchases of Russian oil, External Affairs Minister S. Jaishankar said on Tuesday that doing trade with Moscow is advantageous for India and that he would “like to keep that going”. Despite growing unease in many Western capitals, India has significantly increased its purchases of discounted Russian crude oil in recent months.
Jaishankar made his comments in the context of his meeting in Moscow with Sergey Lavrov, the foreign minister of Russia.
“First of all, there’s stress on the energy market. This is a stress that has been created by a combination of factors, but as the world’s third-largest consumer of oil and gas — a consumer without a high level of income — our fundamental obligation is to ensure that Indian consumers have the best access to the most advantageous terms in the international markets,” according to the External Affairs Minister, who is currently on a two-day visit to Moscow.
“And in that respect quite honestly, India-Russia relationship has worked to our advantage. So if it works to my advantage, I’d like to keep that going,” he said.
Jaishankar noted that the goal now is to sew a mutually beneficial and long-term engagement in the backdrop of the growing economic cooperation, describing India’s relationship with Russia as “exceptionally” steady.
The Covid-19 epidemic, financial strains, and trade issues, Jaishankar noted in his opening remarks at the meeting with Lavrov, have all had an impact on the world economy.
“We are now seeing the consequences of the Ukraine conflict on top of that. There are also the more perennial issues of terrorism and climate change, both of which have a disruptive impact on progress and prosperity,” he added.
Both presidents discussed a wide variety of topics involving bilateral, regional, and international problems. Monday night, Jaishakar landed in Moscow, Russia. The war in Ukraine started in February, and this is the presidents’ fifth summit since then.
Given that it occurs just a few days before the G-20 summit in Bali, which is set for November 15–16, his presence gains significance. Putin and the western leaders, including US President Joe Biden, will be in the same room for the first time since the war in Ukraine began.
