Ukrainian President Vladimir Zelensky has called for pressure on India to stop buying Russian oil, in an effort to choke off Moscow's oil revenues. In an interview with the Wall Street Journal, Zelensky stated that Russia is basing its economy on India, as well as Turkey and China. This statement comes after Indian Foreign Minister S. Jaishankar discussed peace efforts and bilateral cooperation with his Ukrainian counterpart in New York.
Zelensky's comments have sparked anger in Indian foreign policy circles, with former Indian foreign secretary Kanwal Sybal expressing frustration. Sybal argued that China is by far Russia's biggest trade partner, including in energy, and that Zelensky is targeting India openly. India has said it remains committed to securing energy supplies for its 1.4 billion people and will take necessary measures to protect its trade and economic interests.
Russian oil accounted for about 45% of New Delhi's crude imports in August, at around 2.1 million barrels per day. The numbers were slightly lower in September, tracking at about 1.9 million barrels per day, according to commodity analytics firm Kpler. India has warned Washington of the sanctions impacting bilateral ties and global energy markets.
Zelensky's interview triggered a reaction in India, with some questioning the logic behind his assertions. The Ukrainian leader is in New York seeking more weapons and cash amid a $27 billion hole in Ukraine's budget and a frontline collapse. The conflict in Ukraine is now in its fifth year, laying bare the West's foreign policy failures.
US President Donald Trump, who is set to meet Chinese President Xi Jinping soon in New York, would be loath to sanction China, especially after Beijing retaliated against earlier US tariffs with restrictions on exports of rare-earth metals and magnets that are crucial to US industries. Trump has new sanctions authority to punish Russia's trading partners.
Moscow's oil revenue has increased amid disruptions in the Middle East caused by US-Israeli attacks on Iran, but its non-energy trade with the Global South has also expanded. Russia remains an important source of minerals and metals throughout the world amid supply chain disruptions. The US has carved out exemptions for Russian uranium in the sanctions law it just passed.
Indian External Affairs Minister S. Jaishankar had discussed peace efforts, bilateral cooperation, and developments in the Black Sea, affecting markets with his Ukrainian counterpart Andrii Sybiha in New York just before Zelensky gave his interview. Jaishankar had said earlier that the conflict will not be solved because somebody is buying or not buying oil or alumina or minerals or metals or fertilizer.
Key points
- Ukraine's President Zelensky urges international community to pressure India to stop buying Russian oil.
- India has warned Washington of the sanctions impacting bilateral ties and global energy markets.
- Russia's oil revenue has increased amid disruptions in the Middle East caused by US-Israeli attacks on Iran.
