'Waiting For The Thank You': EAM Jaishankar Highlights How India's Purchase Of Russian Oil Helped Keep Prices In Check

External Affairs Minister S Jaishankar has said that India played a pivotal in stabilising global oil and gas markets during the Russia-Ukraine war through its strategic purchase policies, stating that these policies effectively managed "global inflation."

During a conversation hosted by the High Commission of India in London, titled 'How a billion people see the world,' Jaishankar discussed India's influential position in global affairs.

"So we've actually softened the oil markets and the gas markets through our purchase policies. We have, as a consequence, actually managed global inflation. I'm waiting for the thank you," Jaishankar said, NDTV reported.

He further elaborated that India's approach to oil procurement prevented a surge in global oil prices and potential market competition with Europe.

"When it comes to the purchase...I think the global oil prices would have gone higher because we would have gone into the same market to the same suppliers that Europe would have done and as we discovered Europe would have outpriced us," he said.

While acknowledging India's significance in the global markets, Jaishankar noted, "We saw that in the LNG markets where actually many supplies which were traditionally coming into Asia were diverted to Europe and in fact at least India was a big enough country to command some respect in the markets but there were much smaller countries who didn't even get responses to their tender in Paris because the LNG suppliers were no longer interested in dealing with them."

Addressing India's stance on the Russia-Ukraine conflict, Jaishankar highlighted the delicate balance between principles and interests.

"We have learned the hard way that people speak of principles...But they are tempered by interest. In this particular case, we have a very powerful interest to keep our relationship with Russia," the EAM said.

The conversation, part of Jaishankar's five-day visit to the UK, was held at the Royal Over-Seas League Club and moderated by journalist Lionel Barber.

During the discussion, Jaishankar underscored India's pivotal role in reforming global institutions such as the G20 and BRICS. He expressed that India's approach to these reforms is "partly evolutionary, partly revolutionary".

He also highlighted several significant recent achievements of India, ranging from its response to the COVID pandemic to economic reforms, bank recapitalisation, efforts to boost exports, renewed business confidence, socioeconomic changes, and a substantial embrace of digital technology.