At WEF, Piyush Goyal says India's imports from Russia meagre; 'Protecting our interests'

At the World Economic Forum in Davos, Union Minister Piyush Goyal stated that India's imports from Russia have been minimal compared to the European Union nations, as countries needed to protect their interests amidst the ongoing Russia-Ukraine war. He therefore rejected arguments that India has been significantly increasing their imports from Russia. The comment comes in the wake of the more than three-month old war between Russia and Ukraine, resulting in challenges for important partners including India to do trade with Moscow. 

Amid the continuing conflict in Ukraine, India is trying to secure its own interests as all European nations are, Goyal said. "Our interests or needs are no different from those of the European nations," the Union Minister said, and added that EU countries are importing petroleum products in much larger quantities from Russia, as compared to India. "In the current situation, when inflation is at an all-time high, causing stress to people over the world, EU and European countries continue to buy larger quantities than India ever thought of buying," Union Minister Goyal further said.

India denies buying large quantities of petroleum products from Russia

On the issue of significant increase in imports of petroleum products from Russia, Goyal rebutted, "We've never been a very large importer of petroleum products from Russia. Any suggestion that India is increasing imports from Russia or contributing to the situation doesn't stand scrutiny," and also asserted India's position is well under the contours, basis which Russia has been sanctioned. Globally, India is the third largest importer and consumer of oil, imports 80% of its oil requirements but the amount of oil sourced from Russia is only marginal. 

After the eruption of Russia-Ukraine conflict and the resultant sanctions put on Russia, India imported a very small amount of Russian oil, which was offered at discounted rates, leading to a steep increase in the total amount of oil imports from Russia compared to 2021, when it stood at 16 million barrels.

'Our imports from Russia in a month would be less than what EU does in an afternoon'

According to media reports, India would be at risk over increasing oil procurement from Russia as US plans to levy additional sanctions on Moscow. India has already clarified its position over imports and exports, which is done to protect the interests of the 1.4 billion Indians. In a sharp retort to India's purchase of its energy requirements from Russia, EAM S Jaishankar had said the amount of energy requirements procured from Russia in a month by India is less than what the entire EU imports in an afternoon.

EAM Jaishankar said, "If you're looking at (India's) energy purchases from Russia, I'd suggest your attention should be on Europe. We buy some energy necessary for our energy security. But I suspect, looking at figures, our purchases for the month would be less than what Europe does in an afternoon."

Image: ANI