The remarks were made during a panel discussion at the Kultaranta Talks in Finland. The discussion featured S. Jaishankar, Finnish Foreign Minister Elina Valtonen, and United Arab Emirates Assistant Foreign Minister Lana Nusseibeh.
Defending India's position, Valtonen clarified that the objective of the Western price cap mechanism was never to completely halt the purchase of Russian crude oil. She stated, "In India's defense, I would say that it has purchased oil under the price cap, and that was our intention." She further explained that when the price cap was introduced, Western nations did not seek to prevent countries from purchasing Russian oil. According to her, the policy was designed to avoid disrupting global energy markets while ensuring that Russia could not earn excessive profits from oil exports.
During the same event, Jaishankar firmly defended India's energy strategy and rejected continued criticism over Russian oil imports. He emphasized that energy procurement decisions are driven by practical considerations rather than political alignment. "I buy oil based on cost and availability," he said.
Jaishankar recalled that the global energy market underwent major changes after sanctions were imposed on Russia in 2022. European countries began purchasing oil from the Middle East, traditionally one of India's primary suppliers. As a result, much of the oil readily available in international markets originated from Russia, creating circumstances that naturally influenced India's purchasing decisions.
Highlighting what he described as inconsistencies in Western positions, Jaishankar said that the United States had specifically encouraged India to purchase Russian oil in order to help stabilize global energy markets. "Therefore, we should not pretend that there was some grand principle involved," he remarked.
The External Affairs Minister also delivered a strong response to European criticism regarding India's position on the Russia-Ukraine conflict. In pointed remarks, he stated that several European countries have sold weapons that were used against India for many years. He added that India has never engaged in actions that threatened Europe and urged critics to keep that reality in mind.
Jaishankar also rejected suggestions that the world is moving away from the Gulf region as a major energy source. Referring to changes in India's energy landscape, he noted that Russia is currently India's largest oil supplier. He also stated that the United States has become India's largest supplier of natural gas, replacing Qatar, which held that position until February 28 this year. He stressed that India's relationships with Gulf nations extend far beyond energy trade and are not limited to oil alone.
Valtonen's remarks strengthen India's long-standing argument that its energy purchases have remained within the framework established by Western countries. The public support from a European foreign minister adds significant weight to New Delhi's position at a time when its Russian oil imports continue to face international scrutiny, while also highlighting the complex realities shaping global energy security and geopolitical relations.
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