Kyiv: Ukrainian President Volodymyr Zelenskyy has warned that Russia will face significant economic challenges if the global community, including India, stops purchasing its subsidised oil. His comments come amidst ongoing criticism from the West regarding India's continued imports of Russian oil, despite sanctions imposed on Russia following its invasion of Ukraine in February 2022.
Before the conflict, Russian oil made up less than one percent of India's total imports, but now it constitutes nearly 40 percent. Zelenskyy highlighted the importance of these contracts between India and Russia, noting that Russian President Vladimir Putin heavily relies on oil as a primary economic driver.
"Putin is afraid of losing the economy; he has nothing except for oil. His main currency is oil," Zelenskyy remarked while speaking to Indian media after a bilateral meeting with Prime Minister Narendra Modi. He added that Russia's energy-dependent economy is vulnerable, stating that if countries stop importing Russian energy resources, they would be contributing to the global effort against Moscow's actions.
During the talks, External Affairs Minister S Jaishankar acknowledged that India's energy trade with Russia was discussed but clarified that the discussions were not extensive. Jaishankar emphasised that India's energy purchases are driven by market dynamics and the need to ensure stable and reasonable oil prices, which are crucial for the global economy.
India, the world's third-largest oil consumer and importer, purchased $2.8 billion worth of crude oil from Russia in July, making Russia India's largest oil supplier after China. The shift occurred after Russian oil became available at a discount due to some European nations halting purchases following the Ukraine invasion.
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