Zelenskyy flags India-Russia oil trade during meeting with Modi
Ukrainian President Volodymyr Zelenskyy urged Prime Minister Narendra Modi to halt India's crude oil trade with Russia during their meeting on Friday. Zelenskyy emphasized India's global influence and suggested that it could play a significant role in ending the ongoing conflict. "You can stop Vladimir Putin and halt his economy, and put him really in his place," he stated.
Zelenskyy addresses India's oil trade with Russia
Zelenskyy stated that the issue is about billions that are coming back from the trade, which Putin uses only because "he has now really, officially, a war economy." "So, he [Putin] has to feel how war is expensive, and his society has to feel it," he added. If India stops importing oil, Putin will face major issues because "Prime Minister Narendra Modi wants peace more than Putin, this is the problem..The problem is that Putin doesn't want it," he explained.
India overtakes China as largest customer of Russian oil
Imports from Russia accounted for less than 1% of total oil imports prior to the Ukraine war, but currently account for about 40% of India's total oil purchases. According to Reuters, India overtook China as the largest customer of Russian oil last month. Russian crude exports to India in July reached a record 2.07 million barrels per day (bpd), compared to 1.76 million bpd to China.
Zelensky highlights India's role in conflict resolution
China's decline was due to weakening processing margins among refineries and low demand for fuel. Both India and China have profited from discounted Russian oil after the West largely embargoed Russian oil and the G7 countries imposed a $60 per barrel price cap in response to Ukraine's 2022 invasion. In addition to discussing the oil trade, Zelenskyy proposed that India host a global peace summit. He stated, "I suggested PM Modi to host a global peace summit in India."
PM Modi reaffirms India's commitment to peace
PM Modi also reaffirmed India's commitment to ensuring peace in Ukraine. He stated, "We (India) are not neutral. From the very beginning, we have taken sides. And we have chosen the side of peace." At the end of the meeting, Modi invited Zelenskyy to visit India, to which the Ukrainian leader said he would be happy to travel to the "great" country.
