“India Contributing to Global Stability by Buying Russian Oil”
India’s Union Minister of Petroleum, Hardeep Singh Puri, believes that since India began purchasing oil extensively from Russia, it has not only met the energy demands of its population but also contributed to maintaining global stability.
In an interview with Canadian media outlet CNBC on Wednesday, Hardeep made this claim. When asked whether buying oil from Russia strengthens Putin’s war machine, the Indian Petroleum Minister responded:
“In recent years, global energy security has faced several challenges. We are aware of these challenges and remain committed to supplying our people with fuel at fair prices.”
He further said:
“And it’s not just us—many other countries are also purchasing oil from Russia. If all of us suddenly stop buying Russian oil, the price of crude per barrel will shoot up to $130. This would lead to instability across nations and trigger economic disasters.”
“We’ve discussed this matter with our American allies, and they understood the situation. They told us, ‘You may buy oil from Russia, but it must be at the price we’ve set.’ India and Russia have been conducting oil trade under this condition.”
Hardeep Singh Puri told CNBC:
“I believe that by purchasing oil from Russia, India is helping support the global economy and playing a role in maintaining global price stability.”
In late February 2022, when Russia launched a military operation in Ukraine, the United States and its European allies imposed sanctions on Russian oil. As a result, oil prices soared in the global market during the first months of the war.
In this situation, India began purchasing oil from Russia at the price set by the United States. Recently, Russian President Vladimir Putin stated that last year, India bought 38% of its total imported oil from Russia.
