Speed Reads

Petroleum Problems

India criticizes EU, says it will keep buying Russian oil

One of India's top officials said Monday the country will keep purchasing oil from Russia as it prioritizes its own energy needs, The Associated Press reported. 

Minister of External Affairs Subrahmanyam Jaishankar made the comments in response to a $60 per-barrel price cap on Russian petroleum put in place by the European Union. While the price cap was enacted in an attempt to put further pressure on Russia's natural gas exports, Jaishankar said it was wrong for the EU to ask India to follow these guidelines. 

"Europe will make the choices it will make. It is their right," Jaishankar said during a meeting with German Foreign Affairs Minister Annalena Baerbock. 

While Jaishankar did not directly reference the price cap, but Indian officials have defended the purchasing of oil from Russia, saying they were directly benefiting from the lower price point, AP reported. 

Jaishankar did, however, call out the EU for pressing other countries to follow their price cap while they continue to import large quantities of Russian oil. 

"As far as India is concerned, the oil import by the EU is about six times as compared to [India]," Jaishankar said, per Hindustan Times

"There is a finite amount of energy resources available in the world. I understand that there's a conflict situation. I also understand Europe has a point of view," he added. "But for Europe to have a stance to prioritize its energy needs, and to expect India to do something else ... let me remind [you] that today, Europe is buying much more."