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'Price of oil breaking our back': EAM Jaishankar in joint presser with US Secretary of State

India, which has a USD 2,000 per capita economy, is concerned over the spike in the price of oil due to the Russia-Ukraine conflict and it is "breaking our back, External Affairs Minister S Jaishankar said on Tuesday.

Shashwat Bhandari Edited By: Shashwat Bhandari New Delhi Updated on: September 28, 2022 0:34 IST
External Affairs Minister Subrahmanyam Jaishankar and US
Image Source : PTI External Affairs Minister Subrahmanyam Jaishankar and US Secretary of State Antony Blinken in a joint press conference.

India-US relations: External Affairs Minister Dr. S Jaishankar in a joint press conference with US Secretary of State Antony Blinken on Tuesday spoke about the rising crude oil prices saying that India is concerned about the price of oil which is breaking our back and is a big concern. Jaishankar said there is a very deep concern among developing countries about how their energy needs are addressed. "India, which has a USD 2,000 per capita economy, is concerned over the spike in the price of oil due to the Russia-Ukraine conflict and it is "breaking our back," Jaishankar said. EAM also spoke about the import of defence equipment saying that India has a tradition of multi-sourcing and for us how to get the optimal deal from a competitive situation is really what this is all about. "Don't think we've faced any problems in terms of servicing or spare parts supply we've got in the past from Russia. Where we get our military equipment is not a new issue or changed due to geo-political changes. We exercise a choice that is in our national interest." Speaking about the Ukraine war, Jaishankar said, "We have taken the position privately, publicly, confidentially and consistently that this conflict is not in anybody's interest." The best way forward is to return to dialogue and diplomacy, he said.

  • "Look, we have concerns about the price of oil but we are a USD 2,000 per capita economy. When the price of oil is breaking our back and it's our big concern," he said. Jaishankar was responding to a question on a cap on Russian oil.
  • Energy markets under stress must soften up, deep concern among developing countries.
  • This conflict is not in anybody's interest. The best way forward is to return to dialogue & diplomacy, Jaishankar on Ukraine conflict.
  • Today, I see US which is very much open to engaging with India, thinking beyond traditional alliances... QUAD working very well today, grown remarkably now. For us, today our relationship with the US opens a whole range of possibilities... I am bullish about the relationship.
  • Don't think we've faced any problems in terms of servicing or spare parts supply we've got in past from Russia. Where we get our military equipment is not a new issue or changed due to geo-political changes. We exercise a choice that is in our national interest.

  • We have a tradition of multi-sourcing and for us how to get the optimal deal from a competitive situation is really what this is all about.
  • Energy markets under stress must soften up. We'd judge any situation by how it affects us & other countries global south. There is a very deep concern among developing countries about how their energy needs are addressed or not.
  • There will be convergences & best practices that we can both profit from & perhaps even share with 3rd countries.
  • I express appreciation at the strong cooperation that we got from the US on tackling international terrorism, in particular, the listing of well-known & wanted terrorists by US sanction process.
  • India & US have a strong interest in encouraging more resilient & strong supply chains, and this requires policy decisions as well as practical measures involving business communities. We are focused on this.

In today's meeting, we discussed our political coordination, exchanging assessments on collaborating on important regional issues and global challenges. In this regard, I would specially mention the Ukraine conflict & Indo-Pacific situation.

Our national, economic, technological security are all enhanced by closer collaboration... There is keen interest in India's National Education Policy & we will explore how that can be used best to expand our partnership.

"In the past whenever we have been able to contribute something, we have been open to it," he said. "Right now there are some issues," he said.

With sanctions imposed by western nations making a scant impact on Russia, the G-7 countries and the European Union have mooted an oil price cap on Russian crude and refined products to limit Kremlin's revenues.

Earlier this month, a statement issued by G-7 Finance Ministers said the price cap was specifically designed to reduce Russian revenues and its ability to fund the Ukraine war.

The US has asked India to join the coalition to cap the prices of Russian oil, but New Delhi has said it would "carefully examine" the proposal before taking any decision.

(With inputs from PTI)

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