India’s policy of continuing with the import of crude oil from Russia has not only helped stabilise the price of fuel price domestically but also softened the impact of economic sanctions on oil supply globally, Harsh Vardhan Shringla, a former top diplomat and the chief coordinator of India’s G20 Presidency, said in an interview on Wednesday.
On the sanctions imposed by the West against Russia, Mr. Shringla, who was on a private visit to Tamil Nadu, cited an independent estimate to assert that had India not purchased crude from Russia, it would have resulted in oil prices shooting up significantly.
“Imagine the impact that would have made across the world, especially vulnerable developing countries in the global south,” observed the veteran diplomat, adding that “volatility” in the availability of the commodity and its price had been controlled by India’s actions.
