“Where the energy issues are concerned… I want to say, for our energy security, it is important that we have multiple sources, large sources, dependable sources, cheap sources…” Jaishankar said.
“…so we will continue to diversify and maintain multiple sources of supply at the most reasonable cost because at the end of the day we have an obligation to our people to provide them energy at affordable and accessible uh rates. Now, what we don’t want to see we don’t want to see energy markets distorted. We don’t want to see energy markets constricted because it has a cost implication…,” the minister added.
Although Jaishankar did not name Russia, it is obvious from his statement that India has made it clear to the United States that it will continue to buy Russian oil, which it procures at lower prices, to fulfil its energy needs amid disruptions in the global energy markets.
Notably, the US has tried every trick in the book, including punitive sanctions, to dissuade India from buying Russian oil. However, the Indian government refused to kneel before American threats and continued to source crude oil from Russia. Earlier this month, the Modi government reiterated that it is going to keep procuring crude oil from Russia, irrespective of any exemption from the United States. The Modi government’s statement came after the Trump administration issued a 30-day license related to the purchase of Russian seaborne oil in March this year.
India never stopped buying Russian oil despite the US pressure. India’s purchase has decreased or increased depending on supply and economy since it started purchasing Russian crude in large quantities in 2022, as it was available at discounted prices.
