India’s finance minister said on Thursday that importing Russian oil was part of the country’s inflation-management strategy and that other countries were doing something similar.
Despite Western pressure, India has not condemned Russia’s February invasion of Ukraine, instead calling for a diplomatic solution to the crisis and an end to violence. Russia has for decades been India’s biggest foreign supplier of defense hardware.
India’s crude oil shipments from Russia have jumped to between 12 percent and 13 percent of imports from all sources since February from about 2 percent before then, Finance Minister Nirmala Sitharaman said.
For the latest headlines, follow our Google News channel online or via the app.
India is the world’s third-biggest consumer and importer of crude oil, and Sitharaman said Prime Minister Narendra Modi deserved credit for balancing trade and other ties with various countries.
“I give credit to the statesmanship of the prime minister to make sure globally that we did keep up the relationship with all countries but yet managed to get the Russian fuel, which is what Japan is doing today, which is what some other countries are doing,” Sitharaman said at an event in New Delhi.
Indian government ministers have repeatedly said the country needed to keep buying energy from Russia to keep inflation under check.
Sitharaman said India's inflation management was “an exercise of so many activities, most of which are outside the (purview of) monetary policy.”
Indian retail prices in July were 6.71 percent higher than a year earlier. Although the annual inflation rate has now fallen for three months, it has exceeded the central bank’s tolerance band of 2 percent to 6 percent for seventh months in a row.
OPEC+ agrees small oil production cut of 100,000 bpdOPEC and its allies led by Russia on Monday agreed a small oil production cut to bolster prices that have slid on fears of an economic slowdown.The ... Energy
US says oil ‘supply should meet demand’ after OPEC+ cutThe United States said Monday that oil production must be kept up to bolster global economic growth after the OPEC+ cartel agreed to cut supply to ... Energy
Germany can ‘survive’ winter despite energy turmoil: ChancellorChancellor Olaf Scholz voiced confidence Wednesday that Germany was well prepared to “survive” the winter despite turmoil in the energy markets in the ... World News