Oil purchase from Russia kept international prices stable…India’s blunt answer to criticism

New Delhi: Ukrainian President Volodymyr Zelensky has raised questions on India’s purchase of oil from Russia. Zelensky said that India should stop buying oil from Russia because it gives Russia money for war. he/she said that if India stops buying oil from Russia, Putin will face a lot of difficulties. Zelensky said these things after meeting Prime Minister Narendra Modi. Modi was on a visit to Ukraine. During this, he/she met Zelensky and assured Ukraine of help from India.

Zelesky made this appeal to India

Zelensky said that India is a big power in the world and it can help prevent the Russia-Ukraine war. he/she said that India should help stop Putin and cripple his/her economy. Zelensky said, ‘You can stop Vladimir Putin and cripple his/her economy and show him/her his/her place.’ Zelensky further said that India has a huge role to play. If you stop importing oil, Putin will face huge challenges…”

India told Ukraine about its trade relations with Russia

Ahead of Zelensky’s press conference, External Affairs Minister S Jaishankar told the media that India has briefed Ukraine on its oil trade with Russia. We tried to explain to the Ukrainian side what the energy market landscape is, the fact that a number of energy producers are restricted today, making the market potentially very tight and why exactly there is a compulsion today, actually not just a compulsion, I mean why it is in the interest of the entire world economy that oil prices remain reasonable and stable, Jaishankar said.

‘A market strategy for buying oil’

he/she further added, “India is a big oil consumer. It is a big oil importer because we don’t have oil. Now, it is not like there is a political strategy to buy oil. There is an oil strategy to buy oil. There is a market strategy to buy oil. So the figures of where we get our oil imports from go up and down. It depends on the market situation. But it is certainly… I think the fact that the market is tight, that today large suppliers like Iran and Venezuela, who used to supply India, are constrained from operating freely in the markets, I think that is a factor that needs to be looked at.”

India is the biggest buyer of oil from Russia

According to a Reuters report, India has now overtaken China to become the biggest buyer of Russian oil. Russian crude made up a record 44% of India’s total imports in July, rising 4.2% compared to June and 12% compared to a year earlier to a record 2.07 million barrels per day (bpd).