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Homechevron_rightIndiachevron_rightIMF managing director...

IMF managing director Gita Gopinath backs India buying oil from Russia

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IMF managing director Gita Gopinath backs India buying oil from Russia
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New Delhi: The International Monetary Fund's (IMF) First Deputy Managing Director Gita Gopinath addressed the criticisms over India buying oil from Russia while the latter is at war with Ukraine. She said it is "perfectly fine" as G7 nations and their allies have agreed on a price cap.

She further explained that it is important from the world's perspective to make sure the supply of oil in the market remains at a high level. "India buying oil from Russia is consistent with the price cap strategy the US and Europe currently have. We do need supply to come to the market and if countries like India can get it (oil) at a lower price with the price cap, I think that is perfectly fine," she added.

Gopinath is in India to attend G20 meetings.

Western nations have repeatedly criticised India's decision to keep the oil trade with Moscow going. And New Delhi does not support the G7's move. India has called for peace negotiations with Ukraine but is firm on the oil trade. External Affairs Minister S Jaishankar told parliament that it is a sensible policy to get the best deal in the interest of the Indian people.

"We do not ask our companies to buy Russian oil. We ask our companies to buy oil, what is the best option that they can get. Now it depends on what the market throws up... Again, please do understand, it is not just that we buy oil from one country. We buy oil from multiple sources, but it is a sensible policy to go where we get the best deal in the interests of the Indian people and that is exactly what we are trying to do," said the minister.

India has also responded to the West's criticisms saying that the total oil purchase of the country in a month is less than what Europe does in one afternoon.

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TAGS:RussiaMoscowIMFG20New DelhiIndiaG7Ukraine warRussian oilGita Gopinathprice capIndia Russia oil tradeG20 meetings
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