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US says India not violating any sanctions by importing Russian oil

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The United States on Monday (April 11) said that energy imports are not banned from Russia and India is not violating any sanctions by purchasing energy from Moscow.

The remarks were made during a White House press briefing after US President Joe Biden and Indian Prime Minister Narendra Modi held a virtual meeting and discussed several issues.

"This was a constructive call, it was a productive call. It's a relationship that is vitally important to the United States and to the president. I would not see it as an adversarial call," the White House Press Secretary Jen Psaki during Monday's news conference.

https://www.wionews.com/world/us-sa...any-sanctions-by-importing-russian-oil-470364
 
The United States on Monday (April 11) said that energy imports are not banned from Russia and India is not violating any sanctions by purchasing energy from Moscow.

The remarks were made during a White House press briefing after US President Joe Biden and Indian Prime Minister Narendra Modi held a virtual meeting and discussed several issues.

"This was a constructive call, it was a productive call. It's a relationship that is vitally important to the United States and to the president. I would not see it as an adversarial call," the White House Press Secretary Jen Psaki during Monday's news conference.

https://www.wionews.com/world/us-sa...any-sanctions-by-importing-russian-oil-470364

It would be unfair to lambast India when all of Europe is purchasing gas in large volumes from Russia.
 
It would be unfair to lambast India when all of Europe is purchasing gas in large volumes from Russia.

Yep. Buying gas and oil is OK. Same goes for Russian banks via whom the sale of oil and gas is paid and the money returned to Russia.

But the same does not apply to other industries, where, for example, European economies, including European businesses and European workers jobs and livelihoods are also affected.

I believe the word is hypocrisy.
 
The other strict sanctions make it very difficult for Russia to use oil and gas supply as a bargaining chip against Europe.

They can still withhold supply but they would quickly run out of forex to prop up the ruble.
 
Indians are too important for the QUAD, US wont do anything.. Indians will have their cake and eat it to, it looks like...
 
Indians are too important for the QUAD, US wont do anything.. Indians will have their cake and eat it to, it looks like...

Only the US themselves are not buying . They openly agreed Europe has to buy so it’s never been an issue.

They want India to stop buying their arms. Yanks don’t give a monkeys about brown countries , only use & abuse them.
 
<blockquote class="twitter-tweet"><p lang="en" dir="ltr">“Europe buys more Russian energy in an afternoon than India does in a month.”<br><br>BRILLIANT. Not so long ago, in the middle of a similar energy crisis, our UPA External Affairs minister was caught stealing 2485 barrels of Saddam’s oil for his personal gain. <a href="https://t.co/KIeMLnLiRM">pic.twitter.com/KIeMLnLiRM</a></p>— Anand Ranganathan (@ARanganathan72) <a href="https://twitter.com/ARanganathan72/status/1513727192739778565?ref_src=twsrc%5Etfw">April 12, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>


Indian EAM, to US press, when asked about Indian oil purchase from Russia.
 
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<blockquote class="twitter-tweet"><p lang="en" dir="ltr">“Europe buys more Russian energy in an afternoon than India does in a month.”<br><br>BRILLIANT. Not so long ago, in the middle of a similar energy crisis, our UPA External Affairs minister was caught stealing 2485 barrels of Saddam’s oil for his personal gain. <a href="https://t.co/KIeMLnLiRM">pic.twitter.com/KIeMLnLiRM</a></p>— Anand Ranganathan (@ARanganathan72) <a href="https://twitter.com/ARanganathan72/status/1513727192739778565?ref_src=twsrc%5Etfw">April 12, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>


Indian EAM, to US press, when asked about Indian oil purchase from Russia.

You beat me.

Savage!
 
Who appointed the USA as the class monitor anyway?
 
Outclass diplomacy by Modi. He is proving to be an excellent PM for indian history despite his association with RSS and extremism
 
Outclass diplomacy by Modi. He is proving to be an excellent PM for indian history despite his association with RSS and extremism

He is the best PM India ever had and by a long shot. I only shudder to think the day when he retires as what will happen to this country. I dont even trust any other BJP leaders as well.
 
He is the best PM India ever had and by a long shot. I only shudder to think the day when he retires as what will happen to this country. I dont even trust any other BJP leaders as well.

Bimaru Bisht is unfortunately next in line. The recent UP elections have only strengthened his case. :/
 
He is the best PM India ever had and by a long shot. I only shudder to think the day when he retires as what will happen to this country. I dont even trust any other BJP leaders as well.

It is a much awaited fruits of democracy which Indian people are enjoying now. India is lucky to have a true democratic system in place which produces excellent diplomats and politicans
 
It is a much awaited fruits of democracy which Indian people are enjoying now. India is lucky to have a true democratic system in place which produces excellent diplomats and politicans

Once upon a time, pakistan FO was excellent. Then god knows what they did to it.
 
No. India's performance as a country.

Anemic at best. This graph should not be so flat or pointing down:

ind-ra.jpg
 
Anemic at best. This graph should not be so flat or pointing down:

ind-ra.jpg

There is a global inflation going on due to Covid and now Russia war. Are you aware of them or not?

GDP is down for every country...Modi cant pump money from his pocket now can he?
 
There is a global inflation going on due to Covid and now Russia war. Are you aware of them or not?

GDP is down for every country...Modi cant pump money from his pocket now can he?

It was trending down even before the first ever Covid case and years before any Russia war.

There is always something going around somewhere on the planet. Can't use that as an excuse to deliver subpar growth rates for our country which needs 9-10% minimum every year like China of the 1990s/2000s.
 
Indian Prime Minister Narendra Modi and US President Joe Biden's virtual meeting came on the back of their differing stands on Ukraine.

Days before their meeting, Mr Biden had called India's stand "somewhat shaky" and one US official had warned that India had been informed that the consequences of a "more explicit strategic alignment" with Moscow would be "significant and long-term".

But India stood firm in its stand despite what appeared to be growing pressure from the US. Delhi continued to promote dialogue to end the war. It didn't criticise Russia directly but chose some strong words about the need to respect the sovereignty of each nation.

In that backdrop, the leaders' summit - which was not planned and was requested by the White House - is significant for geopolitical developments.

It was followed by the planned annual 2+2 Dialogue between Indian Foreign Minister S Jaishankar, Defence Minister Rajnath Singh, and their US counterparts Antony Blinken and Lloyd Austin in Washington.

It's evident from the statements that both sides have shown willingness to understand each other's positions on Ukraine.

Pratyush Rao, director for South Asia at Control Risks consultancy, said the visit came at a sensitive time for the relationship.

"This was a visible reaffirmation at the highest levels by both sides to the bilateral relationship, amidst all the media speculation about deepening strains over the Ukraine conflict. The message was, yes we do differ on Russia and will unlikely bridge the gap, but won't allow it to derail wider co-operation in the Indo-Pacific either," he added.

While PM Modi and his ministers reaffirmed their stated policy of non-alignment on Ukraine, Mr Biden and his ministers appeared more understanding of Delhi's position - a marked shift from some earlier strong statements of Washington officials.

Mr Blinken said India "has to make its own decisions about how it approaches this challenge". He also noted that India had issued strong statements at the UN and it had called for an independent investigation into the killings of civilians in Ukraine's Bucha.

In a candid remark, he said "India's relationship with Russia has developed over decades at a time when the United States was not able to be a partner to India".

He added that "times have changed" and the US was willing to be a partner of choice with India across virtually every realm - commerce, technology, education, and security.

Former Indian diplomat Anil Triguniyat said this statement showed that the US has understood India's position in a broader geopolitical context.

"Both sides have too much to lose if the bilateral relations are strained. Their relationship is rich and the meetings just reaffirmed that," he added.

Beyond Ukraine, the two sides also reaffirmed their commitment in continuing co-operation in the Indo-Pacific, and also in the trade, defence and security sectors.

"China is seeking to refashion the region and the international system more broadly in ways that serve its interests," Mr Blinken said.

Both the US and India agree on playing a bigger role in the region to counterbalance China's growing influence.

India has a long disputed boundary with China. Their troops were involved in deadly clashes in the Galwan valley in 2020 that resulted in the deaths of 20 Indian soldiers. China said later it lost four troops in the clash.

Mr Rao said India reposing its faith in the Quad was significant.

Russia, India's time-tested ally, has criticised the Quad and called it a forum to target China. Both Moscow and Beijing have become closer and often jointly taken stands against the West.

In that context, Mr Rao said that the Indian foreign minister's public and unequivocal endorsement of the Quad was important and will likely resonate among his audience in Washington.

Defence ties
Washington also acknowledged that Russia is India's biggest defence supplier - accounting for more than 50% of its imports.

In contrast, the US was India's second-largest supplier between 2011 and 2015 after Russia, but fell behind France and Israel in the period between 2016 and 2021.

Former Indian diplomat JN Misra said India continued to import from Russia because it got better and cheaper deals and tech know-how in some areas.

"The US needs to give commitment on technology transfer to be able to get a bigger chunk of India's defence imports pie," he said.

Defence Minister Singh talked about PM Modi's "Make in India" campaign and invited US defence companies to set up shop in India.

But there hasn't been any big-ticket announcement on this. However, a significant measure was announced about the two countries jointly developing air-launched unmanned aerial vehicles.

"More such measures are needed to address India's defence needs and help it in reducing its reliance on Moscow," Mr Misra added.

But the crucial issue of India's acquisition of Russia's S-400 missile defence system remains unsolved.

Mr Blinken said the "US had not made a determination regarding potential sanctions or potential waivers under the CAATSA law".

There was also a veiled suggestion to India when Mr Blinken said the US was asking countries to avoid major new transactions for Russian weapons systems.

Mr Triguniyat says the ambiguity over the S-400 showed that the US wanted to keep its options open but it doesn't want to rock the boat at the moment.

It's clear that there is a lot more ground to cover for the US to replace Moscow as India's largest defence supplier.

Meanwhile, Mr Blinken also talked about India's human rights record, saying the US was "monitoring some recent concerning developments in India, including a rise in human rights abuses by some government, police, and prison officials".

The Indian ministers didn't respond to this but analysts say Democrats, including former president Obama, have raised such issues in the past.

The statement may have caused discomfort to Indians but analysts say its unlikely that the issue will become a major irritant in the relationship.

Energy and trade
Indian companies have been trying to circumvent sanctions to take advantage of the discounted oil prices being offered by Russian firms.

When this question was put to Mr Jaishankar, he denied that India was ramping up its oil imports from Russia.

"I suspect, looking at the figures, probably our total purchases [from Russia] for the month would be less than what Europe does in an afternoon. So you might want to think about that," he said.

The US has steadily increased its export of crude oil and refined petroleum products to India - accounting for 15% of India-US trade, which stood at $113bn in 2021.

The two countries believe that there is vast potential to take the bilateral trade to $500bn in the future. The two sides announced a series of measures, including restarting the US-India Commercial Dialogue and the US-India CEO Forum, to improve trade ties.

https://www.bbc.co.uk/news/world-asia-india-61042314
 
Ukraine invasion: Biden urges Modi not to buy more Russian oil

During a "warm" and "candid" virtual summit, the US asked India to not feed Russia's energy economy. Meanwhile, India's foreign minister said the US' primary concern should be weening Europe off Russian energy. :yk

India buys less 'in a month' than Europe 'in an afternoon'
:yk

Russian oil accounts for very little of India's energy imports but a recent drop in prices led to the country stepping up with a major purchase recently, even as other democracies try to isolate Russian President Vladimir Putin.

As the US raised concerns about the spike with India, Indian Foreign Minister Subrahmanyam Jaishankar – in a separate news conference with US Secretary of State Antony Blinken – said that Washington should be more concerned about its European allies.

"I suspect, looking at the figures, probably our total purchases for the month would be less than what Europe does in an afternoon," Jaishankar said at the conference, where he was joined by his US counterpart Blinken, Indian Defense Minister Rajnath Singh and US Defense Secretary Lloyd Austin.

Source: https://www.dw.com/en/ukraine-invasion-biden-urges-modi-not-to-buy-more-russian-oil/a-61443076

This statement is a slap on beggars' faces.
 
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Does anyone know at what price India buys oil from Russia?

Rumoured discount is $35/barrel less. India has reportedly bought at least 13 million barrels of crude oil from Russia since Feb. 24, compared with nearly 16 million barrels in all of 2021.

At this rate it will be approx. $1.5 billion saving end of this calendar year, base case scenario.
 
India exempted from sanctions over Russia trade

WASHINGTON: The US House of Representative has passed a legislative amendment that would protect India from punitive sanctions for buying missiles from Russia.

The India-specific amendment, passed on Thursday afternoon, still has to go through the Senate before it’s signed by President Joe Biden.

Authored and introduced by Indian-American Congressman Ro Khanna, it urges the Biden administration to give India a waiver to the Countering America’s Adversaries Through Sanctions Act (CAATSA), which can bring immediate sanctions against New Delhi for buying weapons from Moscow.

The amendment argues that such a waiver is needed to deter China’s influence in the region. It was passed by voice vote as part of an en bloc amendment during floor consideration of the US defence bill for 2023.

US law deems waiver ‘necessary’ to counter China’s growing global influence

The United States views India as a key ally in its effort to counter China’s growing global influence and has also included it in the alliance known as ‘Quad’ that aims to counter China in the Pacific region.

Enacted by the US Congress in 2017, CAATSA provides for punitive actions against any country engaged in transactions with Russian defence and intelligence sectors.

CAATSA became a sticking point in India-US ties after New Delhi inked a deal to secure the S-400 missile defence system from Moscow, in the midst of the Russia-Ukraine war.

In May, Senator Bob Menendez, who heads the Senate Committee on Foreign Relations, pointed out at a congressional hearing that the Indians “go buy oil from Russia. They buy the S-400 [anti-missile system]. They abstain at the United Nations [on votes criticising Russia]” and yet they were never punished for these violations.

Mr Khanna, who is Vice Chair of the India Caucus in the US Congress, however, urged Washington to “stand with India in the face of escalating aggression from China”.

The Reuters news agency reported this week that India’s oil imports from Russia surged to a record of around 950,000 barrels per day (bpd) in June, as Indian refiners snapped up Russian oil sold at hefty discounts.

India shipped in about 4.8 million bpd of oil in June, about 23 per cent higher than a year earlier, the report added.

DAWN
 
Russia becomes India's third-largest coal supplier in July, shows data
India's imports from Russia have jumped nearly five times to over $15 billion ever since Russia invaded Ukraine

Russia became India's third-largest coal supplier in July, with imports rising by over a fifth compared with June to a record 2.06 million tonnes, data from Indian consultancy Coal*mint showed. Russia has historically been the sixth-largest supplier of coal to India, behind Indonesia, South Africa, Australia, and the United States, with Mozambique and Colo*mbia alternatingly featuring in the top five.

India expects its central bank's recent approval to allow payments for commodities in the Indian rupee to provide a major fillip to bilateral trade with Russia.

India's imports from Russia have jumped nearly five times to over $15 billion ever since Russia invaded Ukraine. India, the world's second-largest producer, importer and consumer of coal, has historically imported more coking coal — used mainly in steelmaking — from Russia, with Australia being the other key supplier.

However, steep discounts offered by Russian suppliers to Indian consumers in the recent months have incentivized higher buying of thermal coal used mainly in power generation especially as global prices have traded at near-record highs due to western sanctions choking traditional trade.

Thermal coal imports from Russia jumped 70.3% in July, compared with June, to a record 1.29 million tonnes, while coking coal imports rose by over two-thirds to more than 280,000 tonnes, Coalmint data showed.

Indonesia was the top supplier, while South Africa was marginally ahead of Russia, the data showed. Higher coal imports from Russia were mainly driven by cement manufacturers and steelmakers, two Indian traders said.

Overall Indian coal imports, including shipments of anthracite and PCI coal, were nearly 10% lower in July at 23.8 million tonnes, compared with record imports of 26.29 million tonnes in June, the Coalmint data showed.

https://www.business-standard.com/a...pplier-in-july-shows-data-122080500046_1.html
 
India can buy as much Russian oil as it wants, outside price cap: US Treasury Secretary

The United States is happy for India to continue buying as much Russian oil as it wants, including at prices above a G7-imposed price cap mechanism, if it steers clear of Western insurance, finance and maritime services bound by the cap, US Treasury Secretary Janet Yellen said on Friday.

The cap would still drive global oil prices lower while curbing Russia’s revenues, Yellen said in an interview with Reuters on the sidelines of a conference on deepening US-Indian economic ties.

Russia will not be able to sell as much oil as it does now once the European Union halts imports without resorting to the capped price or significant discounts from current prices, Yellen added.

“Russia is going to find it very difficult to continue shipping as much oil as they have done when the EU stops buying Russian oil,” Yellen said.

“They’re going to be heavily in search of buyers. And many buyers are reliant on Western services.” India is now Russia’s largest oil customer other than China.

Final details of the price cap to be imposed by wealthy G7 democracies and Australia are still coming together ahead of a Dec. 5 deadline.

The existence of the cap would give India, China, and other major buyers of Russian crude leverage to push down the price they pay to Moscow, Yellen said.

Russian oil “is going to be selling at bargain prices and we’re happy to have India get that bargain or Africa or China. It’s fine,” Yellen added.

Yellen told Reuters that India and private Indian oil companies “can also purchase oil at any price they want as long as they don’t use these Western services and they find other services. And either way is fine.”

The cap is intended to cut Russia’s oil revenues while keeping Russian crude on the market by denying insurance, maritime services and finance provided by the Western allies for tanker cargoes priced above a fixed dollar-per barrel cap.

A historical Russian Urals crude average of $63-64 a barrel could form an upper limit.

The cap is a concept promoted by the United States since the EU first laid out plans in May for an embargo on Russian oil to punish Moscow for its invasion of Ukraine.

India wary
Yellen’s remarks were made after India’s foreign minister said last week that his country would continue to buy Russian crude because it benefits India.

India’s finance and energy ministries were not available for comment on Yellen’s remarks, but other officials have said they were wary of the untested price cap mechanism.

“I do not think we will follow the price cap mechanism, and we have communicated that to the countries. We believe most countries are comfortable with it and it is in no one’s case that Russian oil should go offline,” one Indian government official told Reuters, speaking on condition of anonymity.

The official added that stable supplies and prices are most important. Rosneft, Russia’s largest oil exporter, is expanding its tanker charter business to avoid its buyers having to find tankers, insurance or other services as the price cap.

Yellen said that even with Russian tankers, Chinese tankers and a “shadow” fleet of older, decommissioned tankers and re-flagged vessels, “I just think they will find it very difficult to sell all the oil that they have been selling without a reasonable price.”

DAWN
 
India To Continue Buying Oil From All Countries Including Russia: Official

New Delhi: India will continue to buy crude oil from anywhere in the world, including Russia, to meet its energy needs, a top official said ahead of EU restrictions on Russian oil kicking in.

The executive body of the European Union has asked its 27-member countries to cap the price of Russian oil at USD 60 as part of the West's attempt to squeeze Moscow's oil revenues and limit its ability to wage war in Ukraine while keeping global prices and supplies steady.

"Unlike Iran and Venezuela, there are no sanctions on buying oil from Russia. So anyone who can arrange for shipping, insurance and financing outside of the EU can buy oil," the official said.

The price caps are part of the EU's plan to use its clout in insurance and shipping industries to crimp Moscow.

"We will continue to buy oil from anywhere in the world including Russia," he said.

Under the price-cap system that kicks-in from December 5, companies shipping Russian oil outside of Europe would only be able to access EU insurance and brokerage services if they sell the oil at or under USD 60.

"So for all practical purposes, if I can send a ship, cover insurance and devise a mode of payment, I can continue to buy oil from Russia," the official said explaining how the mechanism works. "All options are on the table." India, the world's third-largest crude importer after China and the United States, has been snapping Russian oil that was available at a discount after some in the West shunned it as a means of punishing Moscow for its invasion of Ukraine.

From a market share of just 0.2 per cent in India's import basket before the start of the Russia-Ukraine conflict, Russia's share of India's imports rose to 4.24 million tonnes, or nearly 1 million barrels per day, in October, taking a 21 per cent share comparable to that of Iraq and higher than Saudi Arabia's share of around 15 per cent.

"Nobody is saying don't buy Russian oil," he said. "Russia is only one of the suppliers, not a majority supplier. Indian supplies come from 30 countries. We have the flexibility to source oil from any country and so we should not anticipate any disruption." Indian refiners have booked Russian oil cargoes for delivery after December 5.

Russia has threatened to refuse to sell its oil to anyone wanting to cap prices.

For Russia to keep oil sales going, it and its buyers need to use ships, insurance and financing outside the jurisdiction of the G-7.

The US is comfortable with Russia selling its oil outside of the cap but using non-Western shipping, insurance and banking services would likely be more costly.

NDTV
 
"Quite Small": S Jaishankar On Trade With Russia As Compared To Europe

New Delhi: External Affairs Minister Dr S Jaishankar has said that India's trade with Russia is at a very "small level" in comparison to European nations. He made the remarks today during a joint press conference with visiting German Foreign Minister Annalena Baerbock.

In response to a question regarding Russia sending a list of requests to India and how is it different from the past, EAM Jaishankar said, "We have been discussing for some years now with Russia on how to expand our trade. Our trade with Russia is really quite small level. I would say generally it's been in the 12-13 billion dollar if you compare it to most European countries. Most of them have multiple times that trade."

Revealing that the discussions between India and Russia have been taking place before February 24, Jaishankar noted, "It's not a discussion which started after February 24. It's a discussion which has been going on before. I myself have been involved in this discussion for eight years now."

Addressing a joint press conference with Annalena Baerbock, Jaishankar stated that he is involved in the ongoing discussions taking place with Russia. He said, "I currently infact head a body with a Russian deputy Prime Minister as a counterpart which is dedicated to actually expanding our economic cooperation."

EAM Jaishankar said, "We have faced challenges it often happens in trade you know phytosanitary standards or non-tattoo and other regulatory impediments. So, at the moment you know the ongoing discussion and what either side can import from each other that is the context in which it is taking place."

He further said, "We have also given Russians a set of products which we believe we are very competitive in, which we feel should be getting access to the Russian market and as I said again this is not a post-February 24 conversation it is something which is been going on for some time."

Sharing details regarding ongoing negotiations with Russia, Jaishankar noted, "We will see where there is a demand and supply and where there is a fit. I think a large part of it would be determined by the market because in our country business is mostly in the private sector but you know I don't think people should read anything more into it other than the legitimate expectations of any trading country to increase it."

On being asked if India continues to call for dialogue despite Russia outlining preconditions for negotiations, External Affairs Minister Dr S Jaishankar said, "Indian position has been very clear and very public. Indian position articulated by my Prime Minister is that this is not an era of war."

He stressed, "Dialogue and diplomacy is the answer which by the way G20 has also accepted, it has found expression in their Bali declaration but what is the basis for people to do is to have that dialogue is for the countries concerned you know. It is not for India to specify or to advocate or to condition that is not our intention that is not been our approach. It is something which the parties involved will have to decide among themselves."

NDTV
 
"Europe's Choices": S Jaishankar Slams Double Standards Over Russian Oil
Europe can't make choices to prioritise its energy needs while asking India to do something else, noted S Jaishankar.

: India on Monday stoutly defended its import of crude oil from Russia amid the Ukraine conflict with External Affairs Minister S Jaishankar asserting that New Delhi's procurement was just one-sixth of the European purchase in the last nine months, in comments that came as a G7 price cap on Russian crude at $60 a barrel came into effect.
At a media briefing after holding wide-ranging talks with visiting German foreign minister Annalena Baerbock, Mr Jaishankar also noted that Europe can't make choices to prioritise its energy needs while asking New Delhi to do something else, asserting that discussions between India and Russia to expand the trade basket started much before beginning of the Ukraine conflict.

The two foreign ministers also inked a bilateral mobility pact that will make it easier for people to study and work in each other's country even as the two sides vowed to ramp up cooperation in areas of defence and security, trade, climate change and clean energy.

In the joint presser, the German foreign minister, referring to increasing Chinese assertiveness, said China has changed very much over the last few years and "I think the whole region can see this and feel this."

"In Germany, we have seen what it means when you become strongly dependent on one country, a country that does not share your values. So with a view to the political and security policy aspects and developments in the region, we will closely cooperate with our partners in the region," she said.

Baerbock, who arrived in New Delhi on Monday on a two-day visit, also assured cutting delays in issuance of visas to Indians. The situation in Afghanistan, developments in Indo-Pacific and cross-border terrorism from Pakistan also figured in the talks.

To a question on India's import of crude oil from Russia, Mr Jaishankar strongly justified it and said New Delhi and Moscow have been engaged in talks to expand trade relations much before February 24 when the Ukraine conflict began.

Mr Jaishankar's strong comments came as a G7 cap on the price of Russian oil at $60 a barrel came into effect.

"I understand that there is a conflict situation (in Ukraine). I also understand that Europe has a point of view and Europe will make the choices it will make that is Europe's right. But for Europe to make choices which prioritises its energy needs and then ask India to do something else..," he said.

Mr Jaishankar said Europe's purchase of crude oil from the Middle-East is also putting pressure on prices.

"And bear in mind, today, Europe is buying a lot (of crude oil) from the Middle-East. The Middle-East was traditionally a supplier for an economy like India. So it puts pressure on prices in the Middle-East as well. We have been very, very understanding of the European choices and European policies," Mr Jaishankar said.

The External Affairs Minister also said Europe bought much more fossil fuel than India between February and November.

"I think first we need to establish the facts very clearly. Between February 24 and November 17, the European Union has imported more fossil fuel from Russia than the next 10 countries combined. The oil import in the European Union is like six times what India has imported. Gas is infinite because we do not import it while the European Union imported 50 billions Euros worth (of gas)," Mr Jaishankar said.

He said even coal imports from Russia by the European Union is 50 per cent more than India's import.

India's import of Russian oil has seen a significant increase in the last few months. New Delhi has been maintaining that it is its fundamental obligation to ensure that Indian consumers have the best possible access on the most advantageous terms to the international markets.

In her opening remarks at the media briefing, Baerbock talked about the global impact of the "brutal war of aggression of Russia against Ukraine" while describing it as an "illegal war" that has brought the whole world to a "very difficult situation" "It also created difficulties for your country (India) when it comes to energy supply and fertilisers," she said.

On India's overall position on the conflict, Mr Jaishankar said it has been "very clear and very public".

"The Indian position articulated by my prime minister is that this is not an era of war and that dialogue and diplomacy is the answer. It is a position which by the way the G20 has also accepted. It found expression in their Bali declaration," he said.

Mr Jaishankar said what the basis for the dialogue should be is something the countries concerned will have to decide. "It is not for India to specify or to advocate." Asked whether Russia shared a list of items with India for trade, Mr Jaishankar only said both sides have been discussing how to expand trade.

The external affairs minister said India's trade with Russia is "quite small" and it has been in the $12-13 billion dollar range.

At the moment, the ongoing discussion is on what either side can import from each other.

"I think the large part of it would be determined by the market because in our country, business is mostly in private sector hands. But I do not think people should read anything more into it rather than the legitimate expectations of any trading country to increase its trade," he said.

Asked about challenges from China, Baerbock said Germany is pursuing a strategy that has three parts. "China is seen as a partner in global challenges, a competitor and increasingly as a rival as well."

"China has changed very much over the last few years and I think the whole region can see this and feel this. So the exchange with the actors in the region is very important to us, especially India as a direct neighbour. This is very important for us to have a good assessment of the challenges ahead," she said.

She said Germany is looking at bolstering cooperation with India on the Indo-Pacific.

"There is huge potential for German and European companies. Until now we have been focusing on China and Japan...When it comes to India, we both highlighted that there is huge potential for further cooperation both in terms of economic ties and security situation," she said.

Asked whether Germany now considers India as "substitute partner" for China, the minister said "no", adding, "India has always been a partner for Germany and a partner for the European Union as well." The German foreign minister's visit is seen as part of preparations for a visit by German Chancellor Olaf Scholz to India next year.

In their talks, the two foreign ministers also touched upon India's G-20 presidency, reform of the UN Security Council and cooperation in third countries.

"We have a common interest in ensuring not just a stronger global economy, but also a more secure global economy. It was really a very productive morning," Mr Jaishankar said.

On the mobility pact, the Ministry of External Affairs said it is testimony to India's rapidly expanding multi-faceted strategic partnership with Germany.

"The German Skilled Immigration Act 2020 has expanded the opportunities for workers from non-EU countries. Through a new law to be adopted in early 2023, Germany's government proposes to significantly facilitate the immigration of qualified workers from abroad," it said.

The MEA said the pact is part of overall efforts to create a network of agreements with prospective labour market destination countries with twin objectives of creating a favourable visa regime for Indians towards accessing the labour market of these countries.

"The Agreement has specific provisions to facilitate mobility and employment opportunities for fostering exchange of skills and talents," it said.

These include an academic evaluation centre in New Delhi, 18 months extended residence permits to students, 3,000 job seeker visas annually, liberalised short stay multiple entry visas and streamlined readmission procedures.

NDTV
 
"To Get Best Deal": S Jaishankar On Buying Russian Oil Amid Ukraine War

The government does not ask Indian companies to buy oil from Russia but it is a sensible policy to get the best deal in the interest of the Indian people, External Affairs Minister S Jaishankar said on Wednesday.

Responding to questions from members in the Upper House, the minister said it is his duty to put the interest of the Indian people first to ensure that they do not pay the cost of some other countries' actions or some other region's actions for fertilizer, food, etc.

"We do not ask our companies to buy Russian oil. We ask our companies to buy oil, what is the best option that they can get. Now it depends on what the market throws up.

"If tomorrow the market gives us more competitive options. Again, please do understand. It's not just that we buy oil from one country. We buy oil from multiple sources, but it is a sensible policy to go where we get the best deal in the interests of the Indian people and that is exactly what we are trying to do," Jaishankar said.

The US and European countries have been critical of India's oil imports from Russia during the Ukraine conflict, but New Delhi has remained firm on the issue.

On the Ukraine issue, Jaishankar said that the government's stand is publicly clear on the prime minister's level that this is not an era of war.

"We have consistently urged dialogue and diplomacy. When it comes to the impact of the war on the Indian people or the rest of the world, we have also done the right things. We have taken measures to soften the impact whether it is of fuel or whether it is of food inflation or whether it is fertiliser costs," the minister said.

In response to the question of DMK member Tiruchi Siva about students who have returned from Ukraine, Jaishankar said some of the students have gone back while some have looked for other solutions.

"In some cases, the Ukrainian authorities have offered some solutions. It is a very mixed picture.

"Unfortunately, there is no clean and simple answer here. But the government is doing what it can in this situation," Jaishankar said.

NDTV
 
Russia Offers India Help In Overcoming Oil Price Cap Imposed By West

Russia has offered India help in overcoming oil price cap being imposed by western nations amid the war in Ukraine.

"In order not to depend on the ban on insurance services and tanker chartering in the European Union and Britain, the Deputy Prime Minister of Russia Alexander Novak has offered India cooperation on leasing and building large-capacity ships," the Russian embassy in New Delhi said.

Alexander Novak held a meeting with Indian ambassador to Moscow Pavan Kapoor on Friday, it said.

"In the first eight months of 2022, Russian oil exports to India grew to 16.35 million tonnes; in the summer, Russia ranked second in terms of oil shipments to India," the statement said.

Western nations have been critical of India's move to keep buying oil from Russia amid the war in Ukraine. While India has many times called for peace negotiations over Ukraine, it has stood firm by its stand that it will keep buying oil from wherever it gets a good deal.

The government does not ask Indian companies to buy oil from Russia but it is a sensible policy to get the best deal in the interest of the Indian people, External Affairs Minister S Jaishankar told parliament on December 7.

"We do not ask our companies to buy Russian oil. We ask our companies to buy oil, what is the best option that they can get. Now it depends on what the market throws up... Again, please do understand, it's not just that we buy oil from one country. We buy oil from multiple sources, but it is a sensible policy to go where we get the best deal in the interests of the Indian people and that is exactly what we are trying to do," Mr Jaishankar had said.

NDTV
 
Russia India's Top Oil Supplier For 2nd Month In A Row

Russia has for the second month in a row remained India's top oil supplier in November, surpassing traditional sellers Iraq and Saudi Arabia, according to data from energy cargo tracker Vortexa.

Russia, which made up for just 0.2 per cent of all oil imported by India in the year to March 31, 2022, supplied 9,09,403 barrels per day (bpd) of crude oil to India in November.

It now makes up for more than a fifth of India's oil supplies.

According to Vortexa, an energy intelligence firm, India imported 8,61,461 bpd of oil from Iraq in November and 5,70,922 bpd from Saudi Arabia. The United States was India's fourth largest supplier at 4,05,525 bpd.

India's imports from Russia in November were lower than the volumes bought in October.

India's appetite for Russian oil swelled ever since it started trading on discount as the West shunned it to punish Moscow for its invasion of Ukraine.

As per Vortexa, India imported just 36,255 barrels per day of crude oil from Russia in December 2021, compared to 1.05 million bpd from Iraq and 9,52,625 bpd from Saudi Arabia.

There were no imports from Russia in the following two months, but they resumed in March, soon after the Ukraine war broke out in late February.

India imported 68,600 bpd of Russian oil in March, while it increased to 2,66,617 bpd in the following month and peaked at 9,42,694 bpd in June. But in June, Iraq was India's top supplier with 1.04 million bpd of oil. Russia, in that month, became India's second-biggest supplier.

Imports dipped marginally in the following two months. They stood at 8,76,396 bpd in September before rising to a record 9,35,556 bpd in October, according to Vortexa.

The Indian government has been vehemently defending its trade with Russia, saying it has to source oil from where it is the cheapest.

The imports in November were made ahead of a price cap agreed by the EU on Russian seaborne oil.

But, the government has indicated that oil companies will continue to buy oil from Russia outside the price cap.

External Affairs Minister S Jaishankar on December 7 told the Rajya Sabha that Indian refiners will continue to look for the best deals in the interest of the country.

"We do not ask our companies to buy Russian oil. We ask our companies to buy oil (based on) what is the best option that they can get. Now, it depends on what the market throws up," he had said while replying to clarifications sought by MPs on his suo moto statement on foreign policy.

The companies will go after sources that are more competitive, Jaishankar added.

"Please do understand it's not just we buy oil from one country. We buy oil from multiple sources, but it is a sensible policy to go where we get the best deal in the interests of the Indian people, and that is exactly what we are trying to do," he said.

The executive body of the European Union has asked its 27 member countries to cap the price of Russian oil at USD 60 a barrel as part of the West's attempt to squeeze Moscow's oil revenues and limit its ability to wage war in Ukraine while keeping global prices and supplies steady.

From December 5, western shipping and insurance companies are prohibited from handling Russian oil sold above the price cap.

However, ships loaded with Russian oil before December 5 and unloaded at their destination before January 19, will not be subject to the price cap.

A top government official said India can continue to buy Russian oil if it can send ships, cover insurance and devise a mode of payment.

NDTV
 
Russia Welcomes India's Decision To Not Support G7's Price Cap On Oil

Russia has said that it welcomes India's decision to not support the price cap on Russian oil announced by the G7 and their allies. Russian Deputy Prime Minister Alexander Novak made the statement during his meeting with India's Ambassador to Russia, Pavan Kapoor on December 9.

"The Deputy Prime Minister welcomed India's decision not to support the price cap on Russian oil, which was imposed on December 5 by the G7 countries and their allies," the Russian Foreign Ministry said in a statement.

Mr Novak stressed that Russia is responsibly fulfilling its contractual obligations for the supply of energy resources, diversifying energy exports to the countries in the east and south amid the energy crisis. Earlier in September, G7 nations agreed to impose a price cap on oil imports from Russia.

According to the statement issued by the Russian Foreign Ministry, Russian oil imports to India rose to 16.35 million tonnes in the first eight months of 2022. Notably, India continues to import oil from Russia despite the ongoing war between Moscow and Kyiv. The Ministry of External Affairs has defended the decision of purchasing Russian oil.

During the summer, Russia was ranked second in terms of oil shipments to India. Furthermore, deliveries of oil products and coal also increased. During the meeting with Pavan Kapoor, Novak invited the Minister of Petroleum and Natural Gas Hardeep Singh Puri to take part in the international forum, Russian Energy Week 2023, which is scheduled to be held in Moscow from October 11-13, 2023.

During the meeting, the two sides noted the record growth in trade between Russia and India. Mr Kapoor and Mr Novak expressed the desire to continue the interaction, increasing cooperation on trade in energy resources like oil, petroleum products, liquefied natural gas, coal and fertiliser.

Russia's Deputy PM Alexander Novak offered cooperation to India on leasing and building large-capacity ships in order to not depend on the ban on insurance services and tanker chartering in European Union and the United Kingdom, the statement said. Novak described introducing a price cap on Russian oil as an "anti-market measure" which he stressed affects supply chains.

"The introduction of a price cap on Russian oil is an anti-market measure. It disrupts supply chains and could significantly complicate the situation in global energy markets. Such non-market mechanisms disrupt the international trading system as a whole and set a dangerous precedent in the energy market," Novak said in the statement.

"As a result, the problem of energy poverty is being aggravated not only in the developing world, but also in the developed countries of Europe," it added.

NDTV
 
"Perfectly Fine" For India To Buy Russian Oil: IMF's Gita Gopinath To NDTV

India buying oil from Russia amid the war in Ukraine is "perfectly fine" as G7 nations and their allies have agreed on a price cap on Russian oil, the International Monetary Fund's (IMF) First Deputy Managing Director Gita Gopinath told NDTV.

Ms Gopinath, who is in India to attend G20 meetings, said from the world's perspective, what is important is to make sure supply of oil in the market remains at a high level, and India buying oil from Russia is consistent with the price cap strategy the US and Europe currently have.

"We do need supply to come to the market and if countries like India can get it (oil) at a lower price with the price cap, I think that is perfectly fine," Ms Gopinath said.

The G7 group of wealthy democracies and Australia earlier this month agreed to cap the price of Russian oil at $60 a barrel, as they sought to deny Russia resources for its Ukraine war.

India does not support the G7's move, and Russia has offered help in overcoming the oil price cap.

Western nations have been critical of India's move to keep buying oil from Russia amid the war in Ukraine. While India has many times called for peace negotiations over Ukraine, it has stood firm by its stand that it will keep buying oil from wherever it gets a good deal.

The government does not ask Indian companies to buy oil from Russia but it is a sensible policy to get the best deal in the interest of the Indian people, External Affairs Minister S Jaishankar told parliament on December 7.

"We do not ask our companies to buy Russian oil. We ask our companies to buy oil, what is the best option that they can get. Now it depends on what the market throws up... Again, please do understand, it is not just that we buy oil from one country. We buy oil from multiple sources, but it is a sensible policy to go where we get the best deal in the interests of the Indian people and that is exactly what we are trying to do," Mr Jaishankar had said.

In April, two months after the war in Ukraine started, India was criticised by the West for continuing to buy oil from Russia. India's response then was its total purchase of oil from Russia in a month is probably less than what Europe does in an afternoon.

Russian oil imports to India rose to 16.35 million tonnes in the first eight months of 2022. During the summer, Russia was ranked second in terms of oil shipments to India.

NDTV
 
India Sees No Hit To Fuel Exports From EU Action On Russian Oil: Report

India, a leading buyer of Russian oil, does not expect its fuel exports to be disrupted by a European Union ban on the purchase of Russian refined fuels beginning February 5, oil secretary Pankaj Jain said on Friday.

Indian refiners have been gorging on Russian oil sold at a discount as some Western entities shun purchases from Moscow following its invasion of Ukraine in late February.

Some Indian refiners process Russian oil and ship the refined products to the west, including Europe.

Mr Jain said the February 5 action bars the EU from importing refined fuels from Russia and not from any other country.

The European Union will ban Russian oil product imports, on which it relies heavily for its diesel, by February 5.

"(The) next trigger point is February 5. Unless something dramatic happens geopolitically...we are in a steady state," Mr Jain said.

So far Indian companies are not facing any problems in procuring Russian oil, Mr Jain added.

The EU, G7 nations and Australia introduced $60 per barrel price caps on Russian oil, effective from December 5, on top of the EU's embargo on imports of Russian crude by sea.

The EU ban on imports of Russia's seaborne oil has driven Moscow to seek alternative markets, mainly in Asia, for about 1 million barrels per day.

Indian companies are buying Russian oil at below price cap level, sources told Reuters earlier this week.

Mr Jain said Indian companies are not facing any problems in paying for Russian oil as the latest actions by the West do not impact trade settlement mechanisms.

NDTV
 
Russia To Ban Oil Exports To Countries Using Price Cap From February

Russia issued a decree Tuesday to ban oil sales to countries and companies that comply with a price cap agreed by Western countries in response to Moscow's offensive in Ukraine.

"The supply of Russian oil and oil products to foreign legal entities and individuals is prohibited if the contracts for these supplies directly or indirectly" are using a price cap, the presidential decree said.

The decree will be in effect from February 1 until July 1.

It added that the ban may be lifted in individual cases on the basis of "special decision" from Russian President Vladimir Putin.

The price ceiling of $60 per barrel agreed by the European Union, G7 and Australia came into force in early December and seeks to restrict Russia's revenue while making sure Moscow keeps supplying the global market.

https://www.ndtv.com/world-news/rus...ice-cap-from-february-news-agency-afp-3642999
 
Josep Borrell, the European Union's foreign policy chief, has said that the bloc will act against the importation of Indian petroleum products that use Russian oil, in rare explicit criticism of India's role in helping Russia evade Western sanctions amid the war in Ukraine

In an interview with the Financial Times, Borell said the EU did not mind increased oil trade between Russia and India but urged a crackdown on India reselling Russian oil into Europe as refined fuel, including diesel.

India and China snap up Russian oil in April above ‘price cap’

India has emerged in the past year as a top buyer of Russian oil following Moscow’s full-scale invasion of Ukraine on February 24, 2022. Access to cheap Russian crude has boosted output and profits at Indian refineries, enabling them to export refined products competitively to Europe. In recent months, reports in Reuters and Bloomberg among others, have cited mounting evidence of Indian firms buying Russian oil, refining it and selling it to Europe.

“That India buys Russian oil, it’s normal. And if, thanks to our limitations on the price of oil, India can buy this oil much cheaper, well the less money Russia gets, the better,” Borrell said in the interview. “But if they use that in order to be a centre where Russian oil is being refined and by-products are being sold to us . . . we have to act.”

Borrell said he would raise the issue with India’s foreign minister, Subrahmanyam Jaishankar, when they meet on Tuesday. Jaishankar is in Brussels for the first meeting of the India-EU Trade and Technology Council,

https://www.aljazeera.com/news/2023... the European Union's,amid the war in Ukraine.
 
Yup and now that they have somewhat alternate alternate sources they are playing this game.

India has called out Europe to the horror of their media. The reason why you see they in turn trying to call out Modi through reports and videos. I expect more of the same and a stalemate.
 
NEW DELHI: India has pushed back against a suggestion by a top European Union (EU) official for a crackdown on Russian oil resold by Indian firms as refined fuels, with external affairs minister S Jaishankar saying such exports don’t violate EU regulations.

EU foreign and security policy chief Josep Borrell said on Tuesday that Brussels is aware Indian refiners are buying large volumes of Russian crude oil and processing it into fuels for sale in Europe. For the first time since India significantly ramped up purchases of discounted Russian oil, Borrell also said the EU should act to stop this practice.

Borrell made the remarks to the Financial Times before he held a bilateral meeting with Jaishankar and participated in the inaugural meeting of the India-EU Trade and Technology Council in Brussels. Jaishankar pushed back against the suggestion while addressing a joint news conference with senior EU officials.

Asked about Borrell’s remarks by a reporter, Jaishankar replied: “I really don’t see the basis for your question because my understanding of the [European] Council regulations is that if Russian crude is substantially transformed in a third country, then it’s not treated as Russian any more.”

This regulation, which is part of measures put in place by the EU to restrict Russia’s earnings from crude oil following the invasion of Ukraine, bans the import of crude oil and petroleum products originating in Russia.

European Commission executive vice-president Margrethe Vestager, who also addressed the news conference, said: “There is...no doubts about the legal basis of the sanctions. Of course, it is a discussion that we will have with friends but it will be with an extended hand and...not with a pointed finger.”

Borrell earlier told the Financial Times that if diesel or gasoline is entering Europe from India “and being produced with Russian oil, that is certainly a circumvention of sanctions and member states have to take measures”.

India is currently one of the biggest buyers of Russian crude. The sale of refined fuels produced from the crude to European states is legal under EU embargoes but has been criticised by those backing harsher sanctions against Russia.

At his bilateral meeting with Jaishankar, Borrell reiterated the EU’s “unwavering resolve” to support Ukraine, including efforts to “secure a comprehensive, just and lasting peace based on the UN Charter”.

According to an EU readout, Borrell recalled the bloc’s commitment to addressing the global consequences of “Russia’s war of aggression against Ukraine, focusing on food security”. He asked Jaishankar “for India to support Ukraine’s peace initiative, and to urge Russia to agree on the crucial extension of the Black Sea Grain Initiative”.

HindustanTimes
 
India's Import Of Russian Oil Scales New High In May. It Now Accounts...
India took 1.96 million barrels a day from Russia in May, 15 per cent more than the previous high in April, according to data from energy cargo tracker Vortexa.

India's import of cheap Russian oil scaled another record in May and is now more than the combined oil bought from Saudi Arabia, Iraq, UAE and the US, industry data showed.
India took 1.96 million barrels a day from Russia in May, 15 per cent more than the previous high in April, according to data from energy cargo tracker Vortexa.

Russia now makes up for nearly 42 per cent of all crude oil India imported in May. This is the highest share for an individual country in recent years.

The rise in Russian share came at the cost of traditional suppliers in the Middle East. Shipments from Saudi Arabia slipped to 560,000 tonnes - the lowest since February 2021, according to figures from the shipping analytics company.

Oil producers cartel OPEC's share in India's oil imports fell to an all-time low of 39 per cent in May.

Organisation of the Petroleum Exporting Countries (OPEC), mainly in the Middle East and Africa, made up for as much as 90 per cent of all crude oil India imported at one point of time, but this has been sliding since Russian oil became available at a discount in the aftermath of Moscow's invasion of Ukraine in February last year.

For the eighth straight month, Russia continued to be the single largest supplier of crude oil, making up for 42 per cent of all oil India imported.

...
https://www.ndtv.com/business/india...high-in-may-4092654#pfrom=home-ndtv_topscroll
 
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