‘Sensible to go where we get the best deal’: Jaishankar on India importing Russian crude

External Affairs Minister S Jaishankar on Wednesday expressed concern over the stability and affordability of global energy markets. PTI

New Delhi: Justifying India’s decision to continue buying crude oil from Russia, External Affairs Minister S Jaishankar on Wednesday said that it is a sensible move for the country to import oil from a country which offers the best deal.

“We don’t ask our companies to buy Russian oil, we ask them to take the best option they get. It depends on the market. It is a sensible to go where we get the best deal in the interest of the Indian people,” Jaishankar told MPs in the Rajya Sabha on the first day of the Winter Session of Parliament.

Impact of Russia-Ukraine war on commodities

Russia’s invasion of Ukraine which began in February this year led to a significant impact on global food and oil prices, with a sudden hike in crude prices following sanctions imposed on Russia by European countries.

Jaishankar also expressed concern over “the stability and affordability of energy markets” due to wide-ranging sanctions on the Russian energy sector, imposed by the Western world.

Since the beginning of the war on Ukraine, India has reiterated that its oil imports will be decided based on what is most beneficial for its people and that Indians should not pay more for oil due to the ongoing conflict between Russia and Ukraine.

Earlier last month, at a joint press briefing with Russian Foreign minister Sergey Lavrov, Jaishankar had said that India’s ties with Russia had worked to its advantage and New Delhi would like to maintain that status quo. He reiterated New Delhi’s strong relationship with Moscow and described Russia as a time-tested partner.

India is among the few nations that has refrained from criticizing Russia for its invasion of Ukraine and has maintained an independent stand. But, at several international summits, New Delhi has called for cessation of hostilities between the two warring nations and return to peace and diplomacy at the earliest.

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