India: Spike in oil price 'breaking our back', says EAM Jaishankar

Russian oil, which comprised just 0.2% of the country's overall overseas imports, has now jumped over 50 times; makes up 10%


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Published: Wed 28 Sep 2022, 1:54 PM

India is deeply concerned over the spike in the price of oil due to the Russia-Ukraine conflict and it is "breaking our back," External Affairs Minister S Jaishankar has said.

On Tuesday, addressing a joint press conference with US Secretary of State Antony Blinken after holding bilateral talks, Jaishankar said that there was a very deep concern among developing countries about how their energy needs were addressed.

Speaking about the Russia-Ukraine war, he said:

"We have taken the position privately, publicly, confidentially and consistently that this conflict is not in anybody's interest", and the best way forward is to return to dialogue and diplomacy, he said.

"Look, we have concerns about the price of oil but we are a $2,000 per capita economy. When the price of oil is breaking our back, it's our big concern," he said.

Jaishankar was responding to a question on a price cap on Russian oil, as initiated by the G7 countries.

"In the past whenever we have been able to contribute something, we have been open to it ... Right now there are some issues," he said.

"You have to understand that in the last few months the energy markets are already under very great stress. Countries in the global south have found it difficult to compete for limited energy, not just in terms of escalating pricing but often in terms of availability."

"Our concern right now is that energy markets already under stress must soften up. We would judge any situation frankly by how it affects us and other countries in the global south. There is a very deep concern among developing countries about how their energy security needs are addressed or not," explained Jaishankar.

Russian oil made up for just 0.2 per cent of all oil imported by India prior to the Ukraine war. Since April, India’s crude oil imports from Russia have jumped over 50 times, due to which it now makes up for 10 per cent of India's crude imports.

The Western countries are gradually bringing down their energy purchases from Russia following its attack on Ukraine.

With sanctions imposed by Western nations making a scant impact on Russia, the G-7 countries and the European Union have mulled an oil price cap on Russian crude and refined products, so as to limit the Kremlin's revenues and ability to fund the Ukraine war.


The US has asked India to join the coalition to cap the prices of Russian oil, but New Delhi has said it would "carefully examine" the proposal before taking any decision.

On another question about India buying military equipment from Russia, Jaishankar noted that "where we get our military equipment and platforms from, that is not an issue, which is a new issue or an issue which has particularly changed due to geopolitical situations."

"We look at possibility across the world. We look at the quality of technology, the quality of capabilities and the terms at which particular equipment is offered. We exercise a choice which we believe in our national interest."

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