India defends crude oil trade with Russia, Jaishankar says, ‘decisions based on market conditions rather than…’

In response to recent comments from Ukrainian President Volodymyr Zelenskyy, India has defended its oil trade with Russia, emphasizing the role it plays in maintaining global energy market stability. This stance was articulated by Indian External Affairs Minister S Jaishankar following a meeting between Prime Minister Narendra Modi and President Zelenskyy in Kyiv.

Jaishankar explained India's position, stating, "...it is in the interest of the international economy as a whole, that oil prices remain reasonable and stable." He highlighted the current complexities in the global energy market, noting that sanctions on major oil producers have led to supply constraints.

During a press conference with Indian media, Zelenskyy emphasized India's global influence and its potential role in pressuring Russia. He stated, "You can stop Vladimir Putin and halt his economy, and put him really in his place." The Ukrainian leader added, “The role of India...if you will stop imports of oil, Putin will have huge challenges…,” as quoted by ET.

However, these remarks appear to contradict the discussions held earlier between the two leaders. 

The minister elaborated on India's approach. "There's a market strategy to buy oil. So the figures of where we get our oil imports, go up and down. It depends on the state of the market." Jaishankar emphasized that India, as a significant oil consumer and importer, makes its purchasing decisions based on market conditions rather than political considerations, as per the report.

Jaishankar elaborated on India's perspective: “...what we did was to explain to the Ukrainian side what was the energy market scenario, the fact that today many energy producers are sanctioned, making the market potentially very tight; and why actually today there is a compulsion, in fact not just a compulsion, I mean why it is in the interest of the international economy as a whole, that oil prices remain reasonable and stable,” as quoted in the report.

Recent data indicates that India has become the top buyer of Russian oil, surpassing China. In July, Russian crude accounted for a record 44% of India's overall imports, reaching 2.07 million barrels per day - a 4.2% increase from June and a 12% rise compared to the previous year.