From 2% to 13%, Nirmala Sitharaman explains India’s import of Russian oil

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From 2% to 13%, Nirmala Sitharaman explains India's import of Russian oil

Nirmala Sitharaman said countries are finding their own way to get Russian crude oil and gas.

New Delhi-

Union Finance Minister Nirmala Sitharaman said the share of Russian oil in India’s total oil import basket increased from 2 percent to 13 percent in two months after the start of the Russo-Ukrainian war, driving up energy prices globally. He said on Thursday.

Ms Sitharaman, in a speech organized by the Indian Council for Research on International Economic Relations (ICRIER), said Prime Minister Narendra Modi should be credited with taking the decision to boost imports of Russian oil at discounted prices as it helped reduce import. Invoices.

“I respect the Prime Minister for his courage in getting it (crude oil) from Russia because they are willing to offer a discount… We have fully imported 2 percent of the Russian component, and it has increased to 12-13 percent within two months,” the Finance Minister said.

“Sanctions and sanctions but countries find their own way to get Russian crude oil and gas…I give credit to the prime minister’s political acumen for making sure globally that we have maintained our relationship with all countries but so far he has managed to get Russian fuel which is what Japan is doing today,” she said. .

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Sitraman said increasing discounted oil imports from Russia was part of “inflation management”.

Crude oil prices soared to near a record high earlier this year due to the conflict between Russia and Ukraine. Western countries led by the United States imposed several sanctions on Russia. However, Prime Minister Narendra Modi’s government has decided to ramp up oil imports from Russia to prioritize national interests.

The Finance Minister emphasized that managing inflation cannot be the responsibility of the central government alone, and therefore countries must also work and cooperate in keeping general price hikes under control.
“Dealing with inflation alone cannot be left to monetary policy. The majority of measures to tame inflation are outside monetary policy. Fiscal and monetary policies must work together to tame inflation. Dealing with inflation alone cannot be left to monetary policy,” she said.

The minister said that input prices for agriculture and micro, small and medium enterprises must be managed, which fuels inflation.
“Inflation management solutions must be country-specific,” said the finance minister.

(Except for the headline, this story has not been edited by the NDTV crew and is published from a syndicated feed.)