South Asia and Beyond

India Calls Out European Double Standards Again As West’s Russia Oil Price Cap Kicks In

NEW DELHI: On ‘The Gist‘, Ambassador Jayant Dasgupta, Former Secretary of the Prime Minister’s Economic Advisory Council and India’s Former Ambassador to the WTO in conversation with StratNews Global Associate Editor Amitabh P. Revi.

Ambassador Dasgupta discusses the G7 plus Australia imposing a $60 price cap per barrel on seaborne export of Russian crude oil, the effort to squeeze Russia’s revenue and lower its war-fighting capabilities, whether the 30% discount to benchmark Brent crude can weaken the Russian military without triggering a spike in global oil price, the loopholes in the ‘price cap coalition’s’ move which it plans to enforce by using its sway over major shipping, insurance and reinsurance companies headquartered in Europe, a manifold hike in Russian oil imports to India from just 0.2 per cent before the Ukraine invasion to 22% of India’s total crude imports in October, India repeatedly reiterating western double standards as External Affairs Minister Dr S. Jaishankar did again at a press conference with his German counterpart on December 5 when he said, “I think first we need to establish the facts very clearly. Between February 24 and November 17, the European Union has imported more fossil fuel from Russia than the next 10 countries combined. The oil import in the European Union is like six times what India has imported. Gas is infinite because we do not import it while the European Union imported 50 billions Euros” adding,”I also understand that Europe has a point of view and Europe will make the choices it will make. That is Europe’s right. But for Europe to make choices which prioritise its energy needs and then ask India to do something else…And bear in mind, today, Europe is buying a lot from the Middle-East. The Middle-East was traditionally a supplier for an economy like India. So it puts pressure on prices in the Middle-East as well.”

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