'India deserves thanks for managing global inflation', Foreign Minister Jaishankar said on Russia-India deals

Foreign Minister Jaishankar has given a statement on India's oil and gas deal with Russia. He said that India has played an important role in moderating global inflation. In such a situation, India should be thanked for purchasing Russian oil. According to the External Affairs Minister, buying Russian oil has helped a lot in managing global inflation. The Foreign Minister, who is on a five-day visit to Britain, also talked about the sanctions imposed by Western countries against Russia after the invasion of Ukraine during a conversation in London. He also answered questions on oil and gas imports from Russia into India despite sanctions.

He reiterated the "extraordinary stability" of India-Russia relations, saying that unlike Western countries, Russia is not seen as a "revisionist power" in Eastern countries. The Foreign Minister said, "Imagine for a moment how much higher global oil prices would have been if we had not bought oil from Russia; because we would have gone to the same markets, to the same suppliers, as Europe did. Jaishankar said, clearly we found that Europe has gone ahead of us in terms of prices.

In liquefied natural gas (LNG) markets, supplies traditionally originating in Asia go straight to Europe, he said. In fact, India is a big enough country that it could have gained some respect in the market, but there are many smaller countries too, which did not get proper respect. There were responses to their tender as the LNG suppliers are no longer interested in dealing with them. Speaking symbolically on big companies, External Affairs Minister Jaishankar said, they have big fishes.

We have actually softened the oil markets and gas markets through our purchasing policies. As a result, we have actually managed global inflation. So clearly, we should be thanked. He said that as the Foreign Minister, he is waiting for thanks. On the dynamics of India-Russia relations, External Affairs Minister Jaishankar also mentioned the relations of the 1950s. He indicated a certain "fundamental structural balance" between the two countries that would keep bilateral relations on an even keel.

According to External Affairs Minister Jaishankar, my conclusion is that in fact, both India and Russia recognize the importance of the relationship in maintaining a kind of continental balance in that part of the world. It is a source of stability not only for India, but also for other countries to Russia's east, he said. Russia is not a revisionist power. The countries to the east of Russia are not influenced by Western perception. Even if a country is viewed a certain way in the West, the perception in the East is very different."