The minister highlighted the challenges of ensuring energy security for India’s 1.4 billion people and said both Ukraine’s and India’s perspectives on the issue should be respected.
Kyiv: Foreign Minister S Jaishankar, who was in Kyiv for an official visit, said curtailing India’s purchase of Russian oil will not stop the war in Ukraine, pushing back on the Western position that cutting Moscow’s economic lifeline would force it to abandon the conflict. Addressing the media, the minister stressed that the conflict, which is in its fifth year, could only be resolved by dialogue, diplomacy, and negotiation.
“This conflict, which is today in its fifth year, will not be solved because somebody is buying or not buying oil or alumina or minerals or metals or fertiliser. This conflict will be solved by dialogue, diplomacy, and negotiation,” Jaishankar said after he met with Ukrainian Foreign Minister Andrii Sybiha.
The minister highlighted the challenges of ensuring energy security for India’s 1.4 billion people and said both Ukraine’s and India’s perspectives on the issue should be respected.
“I think it’s also important that all of you get the challenges of providing energy for 1.4 billion people at a time when the world energy situation is very, very difficult. So, I would say, I mean, this is something where clearly the Ukraine side has its perspective, which we respect, and we have ours, which I would expect others to also respect.”
Western Pressure on India
Jaishankar made the remarks while responding to a question on whether New Delhi was planning to reduce its purchases of Russian oil if the United States approved legislation providing for sanctions or tariffs against nations that continue to buy Moscow’s energy.
Western nations, including the US and UK, back Kyiv’s argument that choking Moscow’s energy trade will starve its continued cash flow, fueling its war in Ukraine.
Last month, the US Senate passed a bipartisan bill that could authorise President Donald Trump to impose tariffs of up to 100 per cent on goods from countries, including India and China, that continue importing Russian oil and gas. The legislation argues that such trade supports Moscow’s economy and helps finance its military operations in Ukraine.
India’s Russian Oil Trade
Russia has remained the largest supplier of India’s crude, despite months of American pressure. However, imports have fallen sharply in August after reaching record levels in June and July.
Till 2021, before Russia launched the war against Ukraine, Russian oil hardly made up 0.2 per cent of India’s crude imports.
However, following Russia’s February 2022 invasion, when the Western countries shunned Moscow, New Delhi — the world’s third-largest oil importer — became the largest buyer of discounted Russian crude.
India buys about 88 per cent of its crude oil from overseas, which is converted into fuels like petrol and diesel. One-third of it comes from Russia. In August, India imported about 2.1 million barrels of crude from Russia per day, according to data from maritime intelligence firm Kpler.
The figure, which accounted for more than 40 per cent of India’s crude imports, was down from about 2.6 million barrels per day in June and July, data showed.
Russia’s Reliance on India
India’s appetite for discounted crude has also become increasingly important for Russian exporters. Since Europe imposed sanctions following the Ukraine war, Russia has had to rely heavily on Asian buyers like India and China. For Moscow, steady demand from Indian refiners has helped keep export volumes high despite restrictions on Western shipping, insurance, and financial services.
