India’s continued purchase of Russian oil received support from an unexpected quarter, with Finland saying New Delhi’s imports were within the limits set by the West’s own price cap policy.
Finnish Foreign Minister Elina Valtonen said the mechanism introduced after Russia’s invasion of Ukraine was never meant to completely stop countries from buying Russian crude. Speaking at the Kultaranta Talks in Finland alongside External Affairs Minister S Jaishankar and UAE Assistant Foreign Minister Lana Nusseibeh, Valtonen defended India’s position.
“In India’s defence, it has bought oil under the price cap. That was the intention,” Valtonen said.
She explained that the aim of the price cap was to keep global energy supplies stable while limiting Russia’s earnings from oil sales.
“When we introduced the oil price cap, we did not prohibit the world from buying Russian oil. The entire idea was not to disrupt the oil market but to make sure oil continued to be supplied while Russia did not make massive margins from it,” she added.
Jaishankar Defends India’s Energy Choices
Jaishankar, responding to criticism over India’s Russian oil imports, said the country’s decisions were driven by economic needs rather than political considerations.
“I buy oil based on cost and availability,” he said.
He pointed out that the global energy market changed after sanctions were imposed on Russia in 2022, leading countries to look for alternative sources of crude.
“At that point of time, much of the oil available in the market was from Russia because Europeans were buying up the Middle East oil, which was our traditional supplier. Circumstances pushed us in a certain direction,” he said.
Jaishankar also questioned the criticism India has faced over its energy ties with Moscow, pointing to what he called contradictions in Western policies.
“At that time, the US specifically asked India to buy Russian oil to stabilise the oil market,” he said, adding, “Let’s not pretend some great principle is involved here.”
Jaishankar Hits Back At European Criticism
The External Affairs Minister also responded strongly to criticism from parts of Europe over India’s foreign policy choices, especially its position on the Russia-Ukraine war.
“European countries sell weapons that have been used to attack India for many years. We Indians have never done anything to endanger Europe. So keep that in mind,” he said.
