Skip to content
Search

Latest Stories

India’s Russia oil policy helped global economy: Jaishankar

On India-Russia ties, Jaishankar reflected on the stability of the relationship dating to the 1950s which indicated a certain “fundamental structural balance� of bilateral ties

India’s Russia oil policy helped global economy: Jaishankar

INDIA’S purchase policies “softened” the oil and gas markets by its decision to continue transactions with Russia, and New Dehi should be “thanked for managing global inflation” as a consequence, the country’s external affairs minister S Jaishankar said last week.

His remarks came in response to a question of India charting its own course in the face of Western sanctions against Russia for its invasion of Ukraine.


“Just imagine, for a moment, had we not bought oil from Russia – global oil prices would have gone higher; because we would have gone into the same market, to the same suppliers that Europe would have done, and frankly, as we discovered, Europe would have outpriced us,” said Jaishankar.

“We saw that in the LNG markets where the supplies traditionally coming into Asia go directly to Europe. And in fact, India was a big enough country to command some respect in the market, but there were much smaller countries that didn’t even get responses to their tender because the LNG suppliers were no longer interested in dealing with them. They have bigger fish to fry,” he said.

“So, we’ve actually softened the oil markets and the gas markets through our purchase policies. We have, as a consequence, actually managed global inflation. So frankly, we should be thanked. I’m waiting for the thank you,” he added.

The minister was speaking during an interaction entitled How a Billion People See the World at the Royal Over-Seas League in London last Wednesday (15) evening.

On India-Russia ties, Jaishankar reflected on the stability of the relationship dating to the 1950s which indicated a certain “fundamental structural balance” of bilateral ties. He noted the “exceptional steadiness” of India-Russia ties and pointed out that unlike in the West, Moscow is not viewed as a “revisionist power” in the east.

“My inference from that is actually, both sides recognise the importance of the relationship in keeping a kind of a continental balance, if you would, in that part of the world,” he said.

“Not just for India, but for countries east of Russia, it is a source of stability. Russia is not a revisionist power east of Russia… it is not automatic that if a country is perceived a certain way in the West, that logic would extend to the east. The perception of the east is very different,” he added.

Jaishankar noted the background of 70-odd years of history and working together influenced India’s approach to Russia in the context of the current conflict in Ukraine.

He reiterated that while he understood the Western approach on the issue, India’s views were influenced by its experiences of the past, when as a newly independent country it was attacked by Pakistan and no one condemned Islamabad.

He said: “In fact, it went to the UN Security Council, and thanks to the United Kingdom, what began as a problem called the aggression of Jammu and Kashmir, ended up as the India-Pakistan question.

“So, we have learned the hard way that [when] people speak of principles – I don’t say they are irrelevant or be cynical about it, but they are tempered by interests. And in this particular case, we have a very powerful interest to keep our relationship with Russia.

More For You

single-use vapes-iStock

Analysis by Material Focus estimates that 8.2 million vapes are discarded or littered each week in the UK—equivalent to 13 every second. (Representational image: iStock)

iStock

Shops told to clear single-use vapes before ban starts on June 1

SHOPS across the UK have until 1 June 2025 to sell off remaining stocks of single-use vapes before a nationwide ban comes into force.

The legislation, confirmed last year, follows a government consultation that showed strong support for restricting their sale and supply.

Keep ReadingShow less
Trump’s Promise: TikTok Deal Before April 5 to Avoid Ban

This is not the first time that TikTok has been under scrutiny in the United States

Getty

Trump promises TikTok deal before April 5 to prevent ban

As the clock ticks towards the April 5 deadline, the future of TikTok in the United States remains uncertain, with President Donald Trump promising that a deal to resolve the app's ongoing issues will be struck before the deadline. The central issue at hand is whether TikTok's parent company, ByteDance, will be forced to divest the popular social media platform or face a ban in the U.S.

In a statement made aboard Air Force One late on Sunday, Trump confirmed that there was "tremendous interest" from potential buyers looking to acquire TikTok. He expressed his desire for the platform to "remain alive" and emphasized that multiple buyers were keen on striking a deal, suggesting that a solution would be reached before the deadline.

Keep ReadingShow less
Primark-London-Getty

During his 15-year tenure, Marchant expanded Primark’s store network to more than 450 locations across 17 countries in Europe and the United States. (Photo: Reuters)

Primark chief Paul Marchant steps down after misconduct probe

PAUL MARCHANT, the head of fashion retailer Primark, has resigned with immediate effect after admitting to an "error of judgment" in his behaviour towards a woman in a social setting.

Associated British Foods (AB Foods), Primark's parent company, announced his resignation on Monday.

Keep ReadingShow less
Jaguar’s bold gamble: Can it woo young, wealthy drivers with a £123k EV?

Jaguar’s bold gamble: Can it woo young, wealthy drivers with a £123k EV?

JAGUAR’S ambition to seduce younger, richer drivers was on full display in Paris with a presentation of its newest prototype, the Type 00, which promises all-electric luxury... at a steep price.

The low-slung, muscular-looking concept car presented to European reporters last Friday (21) prefigures a production model expected mid-2026 at a base cost of €150,000 (£123,472.8).

Keep ReadingShow less
Starmer-Trump-Getty

Trump has suggested the possibility of a 'great' trade deal that could help the UK mitigate the impact of tariffs he has pledged to introduce. (Photo: Getty Images)

Starmer, Trump talk trade deal progress in 'productive' discussion

KEIR STARMER and Donald Trump spoke on Sunday about ongoing UK-US trade negotiations, with Downing Street describing the talks as "productive."

Since leaving the European Union, the UK has been working to secure a trade agreement with the United States. Successive British governments have pursued a deal, but it has remained elusive.

Keep ReadingShow less