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Foreign ministers

India Defends Russian Oil Purchases Amid US Criticism

Strategic Insights

— 1 min read

India's External Affairs Minister S Jaishankar rejected US criticism of the country's purchases of Russian crude oil, citing the US's own request for India to help stabilize global energy markets. Jaishankar's remarks were a response to repeated criticism by US officials, including President Donald Trump and White House trade adviser Peter Navarro, who accused India of profiting from Russian oil sales and funding the Russian war in Ukraine.

Jaishankar clarified that India is not the largest buyer of Russian oil, contradicting US claims, and pointed out that the country also buys oil from the US, which has been increasing in recent years. He added that the US had itself asked India to buy oil from Russia to stabilize global energy markets. Jaishankar's comments were the first public response by a senior Indian minister to US criticism.

Key Takeaways:

  • India is not the largest buyer of Russian oil, with China being the largest purchaser, according to Jaishankar.
  • The US had requested India to buy oil from Russia to stabilize global energy markets.
  • India has increased its purchase of discounted Russian commodities, including oil and fertilizers, since the US and its Western partners slapped sanctions on Russia over the Ukraine invasion in early 2022.
  • Russia has displaced Iraq and Saudi Arabia as the main supplier of crude to India, providing almost 40% of India's energy needs.
  • The US is set to impose a 25% punitive tariff on Indian exports from August 28 over Russian oil purchases.
  • The external affairs ministry has defended India's purchases of Russian oil and military hardware, citing national security and energy security interests.
  • US efforts to penalize India are "unjustified and unreasonable", according to the external affairs ministry.

Statistics:

  • India increased the purchase of discounted Russian commodities, especially oil and fertilizers, after the US and its Western partners slapped sanctions on Russia over the Ukraine invasion in early 2022.
  • Russia provides almost 40% of India's energy needs, displacing Iraq and Saudi Arabia as the main suppliers of crude.
  • The US is set to impose a 25% punitive tariff on Indian exports from August 28 over Russian oil purchases.
  • India is the world's third-largest oil importer.

Sources:

  • "External Affairs Minister S Jaishankar Responds to US Criticism Over Russian Oil Purchases," HT Digital Content Services with permission from HT Chandigarh.
  • "US Sets 25% Tariff on Indian Exports Over Russian Oil Purchases," Economic Times.

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