India's EAM Jaishankar Rebuffs US Criticism on Russian Oil Purchases
India's External Affairs Minister S Jaishankar strongly defended the country's decision to purchase discounted Russian crude oil, rejecting US criticism. Jaishankar asserted that India's strategy serves both national and global interests by contributing to market stabilization. He questioned why similar scrutiny isn't applied to China, the largest importer of Russian oil, or to EU's imports of Russian LNG. Russia's share in India's oil imports has increased from 1.70% to 35.10%, making it India's largest oil supplier. Jaishankar revealed that the previous US administration had supported India's Russian oil purchases and noted that the G7's price cap on Russian crude oil implicitly acknowledges ongoing oil trade with Russia.
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India's External Affairs Minister S Jaishankar has strongly defended the country's decision to purchase discounted Russian crude oil, dismissing US criticism and labeling it as a 'profiteering scheme.' Jaishankar asserted that India's oil procurement strategy serves both national and global interests by contributing to market stabilization.
Responding to US Allegations
Jaishankar's remarks came in response to allegations made by White House Trade Adviser Peter Navarro, who claimed that India buys Russian oil at a discount and then sells refined products to Europe at premium prices. The Indian minister countered this narrative, pointing out that both Europe and America are also purchasers of refined products from India.
Questioning the Criticism
The External Affairs Minister raised pertinent questions about the selective nature of the criticism:
- Why isn't similar scrutiny applied to China, currently the largest importer of Russian oil?
- Why is there no comparable criticism of the European Union's imports of Russian LNG?
These questions highlight the complexities of global energy trade and the challenges in applying uniform standards across different geopolitical contexts.
India's Oil Import Trends
Jaishankar's defense comes against the backdrop of significant shifts in India's oil import patterns:
- Russia's share in India's oil imports has seen a dramatic increase from 1.70% to 35.10%.
- This surge has positioned Russia as India's largest oil supplier.
Historical Context and International Acknowledgment
Jaishankar provided additional context to India's oil procurement strategy:
- He revealed that the previous US administration had explicitly supported India's Russian oil purchases through direct conversations.
- The minister noted that the G7's price cap on Russian crude oil implicitly acknowledges the ongoing oil trade with Russia.
India's Stance
India maintains that its approach to oil procurement is pragmatic and in line with its national interests. By securing discounted oil, India aims to manage its energy needs efficiently while also playing a role in global market stabilization.
The robust defense by Jaishankar underscores India's commitment to its energy security and economic interests, even as it navigates complex geopolitical relationships and global trade dynamics.
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