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Sunday, July 21, 2024

India should be commended for its imports of Russian oil, which reduced world inflation: S Jaishankar


<p>External Affairs Minister S Jaishankar stated that India’s buying policies, which resulted from its choice to keep up its business with Russia, softened the oil and gas markets and should be commended for helping to control world inflation.<img decoding=”async” class=”alignnone wp-image-280673″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-india-should-be-commended-for-its-imports-of-russian-oil-which-reduced-world-infla-750×422.jpg” alt=”theindiaprint.com india should be commended for its imports of russian oil which reduced world infla” width=”1395″ height=”785″ title=”India should be commended for its imports of Russian oil, which reduced world inflation: S Jaishankar 3″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-india-should-be-commended-for-its-imports-of-russian-oil-which-reduced-world-infla-750×422.jpg 750w, https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-india-should-be-commended-for-its-imports-of-russian-oil-which-reduced-world-infla-768×432.jpg 768w, https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-india-should-be-commended-for-its-imports-of-russian-oil-which-reduced-world-infla-390×220.jpg 390w, https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-india-should-be-commended-for-its-imports-of-russian-oil-which-reduced-world-infla-150×84.jpg 150w, https://www.theindiaprint.com/wp-content/uploads/2023/11/theindiaprint.com-india-should-be-commended-for-its-imports-of-russian-oil-which-reduced-world-infla.jpg 948w” sizes=”(max-width: 1395px) 100vw, 1395px” /></p>
<p>At the Royal Overseas League here on Wednesday night, Jaishankar spoke on the topic of India forging its own path in the face of Western sanctions on Russia for its invasion of Ukraine at an event titled “How a Billion People See the World.”</p>
<p>In addition, he reaffirmed the “exceptional steadiness” of India-Russian relations and emphasized that, in contrast to the West, Russia is not seen as a “revisionist power” in Moscow.</p>
<p>For the time being, just consider that if we had not purchased oil from Russia, world oil prices would have increased. This is because we would have entered the same market and dealt with the same suppliers as Europe, and as we found out, they would have been more expensive than we were.</p>
<p>We saw it in the LNG markets, where supplies from Asia are customarily sent straight to Europe. In actuality, India was a large enough nation to demand some respect in the market, while smaller nations had no reaction at all from LNG providers, meaning that they were left out in the cold. “They need to fry bigger fish,” he said.</p>
<p>Therefore, as a result of our buying policy, the oil and gas markets have actually become softer. As a result, we have really controlled worldwide inflation. To be honest, we deserve gratitude. “I’m awaiting the acknowledgement,” he continued.</p>
<p>Regarding the larger dynamics between India and Russia, Jaishankar considered how the relationship had remained stable since the 1950s, pointing to a “fundamental structural balance” that would maintain bilateral relations.</p>
<p>He said, “My interpretation of that is that, in reality, both parties recognize the significance of the relationship in maintaining a sort of continental balance, if you would,” in that region of the globe.</p>
<p>It is a source of stability for nations east of Russia as well as for India. East of Russia, Russia is not a revisionist power. It is not always the case that a country’s perception in the West would translate to the East. The East is seen in a totally different light,” he said.</p>
<p>As a result, he emphasized how much the last 70 years or so of cooperation and history had shaped India’s stance to Russia in light of the ongoing crisis in Ukraine.</p>
<p>The External Affairs Minister reaffirmed that while he appreciated the Western perspective on the matter, India’s opinions are shaped by its historical experiences, when it was attacked by Pakistan as a recently independent nation and no one objected.</p>
<p>He clarified, saying, “In actuality, it was brought to the UN Security Council, and because of the United Kingdom, the issue that started out as the assault of Jammu and Kashmir was resolved as the India-Pakistan dispute.</p>
<p>We have therefore discovered the hard way that although principles are discussed, they are tempered by interests rather than being irrelevant or cynical. Furthermore, we have a strong incentive to maintain our relationship with Russia in this specific instance.</p>
<p>The minister’s five-day journey to the UK came to an end with this Q&A session, which was arranged by the foreign policy organization Wilton Park. A broad variety of subjects were explored, such as the current diplomatic spat with Canada, India-China ties, and the nation’s current socio-political shifts.</p>


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