India's oil trade with Russia helped soften global economy: Jaishankar
What's the story
India's choice to maintain trade with Russia has helped stabilize oil and gas markets, ultimately controlling global inflation, said External Affairs Minister S Jaishankar.
Speaking at the Royal Over-Seas League in London, Jaishankar discussed India's independent stance amidst Western sanctions on Russia due to its invasion of Ukraine.
He emphasized the unique strength of India-Russia relations and pointed out that Russia is not considered a revisionist power in the East.
Details
India's oil purchases prevented higher global oil prices
Jaishankar stated that if India had not purchased oil from Russia, worldwide oil prices would have increased as a result of heightened competition with European nations for the same suppliers.
He mentioned, "We saw that in the LNG markets where the supplies traditionally coming into Asia go directly to Europe."
By buying from Russia, India has controlled global inflation and should be acknowledged for its actions, he added.
What Next?
The stability of India-Russia relationship
The External Affairs Minister touched upon the enduring nature of the India-Russia partnership, which dates back to the 1950s, suggesting a fundamental structural balance that will preserve bilateral ties.
He explained that both parties understand the significance of their relationship in maintaining a continental equilibrium in their region.
For countries situated east of Russia, this serves as a source of stability since Russia is not seen as a revisionist power.
Insights
India's approach to Russia influenced by historical ties
Jaishankar emphasized that India's approach to Russia concerning the ongoing conflict in Ukraine is shaped by their 70-year history and cooperation.
While acknowledging the Western viewpoint on the matter, he stressed that India's opinions are influenced by its past experiences when it was attacked by Pakistan and no one condemned it.
He said people speak of principles but they are tempered by interests, and maintaining a relationship with Russia is a strong interest for India.
Facts
Jaishankar's engagement in London covers various topics
The question-and-answer session, hosted by foreign policy organization Wilton Park, marked Jaishankar's final engagement in London as he wrapped up a five-day UK visit.
The session addressed a variety of subjects, including India-China relations, the current diplomatic dispute with Canada, and the socio-political transformations taking place in the country.