It's a bit rich for Western countries to ask India to stop buying Russian oil when European countries continue to do the same
Western governments and media have criticised India for buying Russian oil since economic sanctions are seen as the way to end Russia’s invasion of Ukraine. US commerce secretary Gina Raimondo said India’s action was “deeply disappointing.” She added, “Now is the time to stand on the right side of history, and to stand with the United States and dozens of other countries, standing up for freedom, democracy and sovereignty with the Ukrainian people, and not funding and fuelling and aiding President Putin’s war.”
Dan Tehan, Australia’s trade minister, said that democracies must work together “to keep the rules-based approach that we’ve had since World War II.”
India should shrug off such criticism. The US and Australia are rich countries that are also oil exporters. Their oil companies (though not consumers) have benefited enormously from the sharp rise in oil and gas prices after imposition of western sanctions. But India is a lower middle-income country that is 70% dependent on imported energy. Skyrocketing oil and gas prices have mauled its economy at a juncture when wholesale price inflation was already 12% before the war. Imported gas has doubled in price. Consumer price inflation in March crossed 6.07%, above the RBI’s acceptable maximum of 6%.
Dan Tehan, Australia’s trade minister, said that democracies must work together “to keep the rules-based approach that we’ve had since World War II.”
India should shrug off such criticism. The US and Australia are rich countries that are also oil exporters. Their oil companies (though not consumers) have benefited enormously from the sharp rise in oil and gas prices after imposition of western sanctions. But India is a lower middle-income country that is 70% dependent on imported energy. Skyrocketing oil and gas prices have mauled its economy at a juncture when wholesale price inflation was already 12% before the war. Imported gas has doubled in price. Consumer price inflation in March crossed 6.07%, above the RBI’s acceptable maximum of 6%.