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Business News/ News / India/  'My friend...': Russian FM Sergey Lavrov lauds S Jaishankar's response on oil import | Watch
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'My friend...': Russian FM Sergey Lavrov lauds S Jaishankar's response on oil import | Watch

Russian Foreign Minister called Jaishankar ‘My friend’ and heaped praises on the Indian minister for navigating bilateral ties between New Delhi and Moscow amid the Ukraine war

External Affairs Minister S Jaishankar (Ishant)Premium
External Affairs Minister S Jaishankar (Ishant)

Russian foreign minister Sergey Lavrov has praised an old remark made by India's External Affairs Minister S Jaishankar at the United Nations. Lavrov at the World Youth Forum in Russia's Sochi called Jaishankar "My friend" and heaped praises on the Indian minister for navigating bilateral ties between New Delhi and Moscow amid the Ukraine war.

Recalling the words of Jaishankar, who advised Europeans to look at themselves before lecturing others, the Russian foreign minister said “India has always been a friend" of Moscow.

Export earning from petroleum products set to decline amid falling crude prices

“My friend, foreign minister Subramanyam Jaishankar, was once at the UN, giving a speech. He was asked why they started buying so much oil from Russia. He advised them to mind their own business and reminded them at the same time how much oil the West had started buying and continued to buy oil from the Russian Federation. This is national dignity," Sergey Lavrov was quoted as saying by Sputnik news agency.

Russian oil import

According to a report by Reuters, India's daily crude oil imports from its top supplier Russia are expected to rise in February from the previous month.

Russia remains top oil supplier to India, imports climb 25% in December

Russia supplied 1.2 million barrels per day of crude oil to India in January, down from 1.32 million barrels in December and 1.62 million barrels in November 2023, according to data from energy cargo tracker Vortexa.

‘20 Indians have contacted embassy in Moscow’: MEA shares update

India last year emerged as a top buyer of sea-borne Russian oil sold at a discount after Western countries halted imports following Moscow's invasion of Ukraine. Imports from Russia soared to an all-time high of 2.1 million bpd in June last year, accounting for almost 40 per cent of all oil India imported.

US sanctions threaten Russian oil sales to India; OMCs' annual deals at risk

Notably, discounts on Russian oil, which have already declined to around $3.5-$4 per barrel, are also expected to fall further as sanctions are seen as driving up freight costs.

Last week, the US imposed sanctions to mark the second anniversary of Russia's invasion of Ukraine and retaliate for the death of opposition leader Alexei Navalny. The sanctions target Russia's leading tanker group, Sovcomflot, which the US accused of being involved in violating the G7's price cap on Russian oil, as well as 14 crude oil tankers tied to Sovcomflot.

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Published: 05 Mar 2024, 09:23 AM IST
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