Jaishankar notes India-Russia stability since the 1950s, citing a ‘fundamental structural balance’ for
ongoing bilateral ties.
S. Jaishankar highlighted India’s role in stabilising global oil and gas markets through continued transactions with Russia amid Western sanctions. Speaking at the ‘How a Billion People See the World’ event at the Royal Over-Seas League, he credited India’s purchasing policies for managing global inflation.
Jaishankar reiterated India’s independent stance amidst sanctions imposed on Russia for its Ukraine invasion, emphasizing the enduring strength of India-Russia relations. He also contrasted the Eastern view of Russia as a non-“revisionist power” with the Western perspective. Jaishankar envisioned higher global oil prices if India had not sustained transactions with Russia, noting Europe’s potential to outprice India in the market. This highlighted India’s significant role in stabilising global oil prices amid geopolitical tensions.
In LNG markets, the traditional supply route to Asia diverted towards Europe, affecting even smaller countries that struggled to secure responses from LNG suppliers due to shifting interests. External Affairs Minister S. Jaishankar noted India’s substantial presence in the market, contributing to its stabilization but emphasized the broader impact on smaller nations facing supplier disinterest.
He asserted India’s pivotal role in softening global oil and gas markets through its purchasing policies, effectively managing global inflation—an action deserving acknowledgment and gratitude. Jaishankar underlined India’s historical relationship stability with Russia dating back to the 1950s, reflecting on a ‘fundamental structural balance’ contributing to enduring bilateral ties. He emphasized mutual recognition of their relationship’s significance, not just for India but for Eastern nations where Russia is perceived differently from Western perspectives.
Jaishankar highlighted India’s nuanced approach toward Russia, influenced by decades of shared history, especially during conflicts like the current Ukraine crisis. He acknowledged India’s differing stance compared to the West, shaped by past experiences, such as facing attacks as a newly independent nation and encountering varied responses from global entities.
The minister stressed the pragmatic aspect of international relations, acknowledging that principles are important but often influenced by national interests. He referenced historical instances where geopolitical interests overshadowed principles in global decision-making.
Concluding his engagements in London during a five-day UK visit, Jaishankar engaged in a question-and-answer session organized by foreign policy agency Wilton Park. The session covered diverse topics, from India-China relations to ongoing diplomatic disputes, providing insights into India’s evolving socio-political landscape.
