Since Moscow started invading Ukraine, western countries have taken a stand against importing goods from Russia.
India has defied this impression, however, by continuing to purchase oil from the country at a discount despite having received sanctions for doing so. Despite efforts by the US and its allies to limit the price of petroleum, India bought gasoline from Russia up to December 2022.
India was able to save more than 35,000 crores as a consequence of doing this.
External Affairs Minister S. Jaishankar said that Europe has purchased six times more petroleum from Russia since February 2022 as further support for the policy, which has benefited India as a consequence of Russia's decision to halt deliveries to nations that agreed to the price limit. This was said to show the effectiveness of the policy.
Demands that Europe shares some of its benefits with the world.
In addition, he urged European leaders to provide countries with the means to lessen the negative effects that the war between Russia and Ukraine is having on their economies and the lives of their populations. Jaishankar further said that India should envision a population with a per capita income of $2,000 rather than the 60,000 euros per person that exists in Europe.
India will look for oil in regions where it is more affordable.
He also questioned why Europe did not immediately stop receiving electricity from Russia after August 25. The cost of living in India is under pressure due to inflation, but the country has insisted that it would continue to purchase oil from wherever the prices are the lowest.
Russia has been the nation that has provided India with the most oil over the last two months, topping both Saudi Arabia and Iraq, even though Iraq is one of the nations that offers inexpensive oil to India.
Given that Russia was only in charge of 0.2 percent of the oil that entered India as of the end of March 2022, this represents a huge boost for the nation.
Continues to support the conversation
Jaishankar further lambasted European actions for putting pressure on the Middle East and driving up prices on the world oil markets. He traveled to the area to do this.
The minister spoke on India's foreign policy, saying that the country still believes that dialogue is the best way to end the crisis between Russia and Ukraine.