External Affairs Minister S Jaishankar on Tuesday said that India is concerned about the availability and rise in prices of crude oil due to the conflict between Russia and Ukraine.
“The price of oil is breaking our back,” Jaishankar said after a meeting with US Secretary of State Antony Blinken in Washington. “This is our big concern.”
European countries and the United States have imposed heavy sanctions on Russia after its invasion of Ukraine on February 24. This has impacted the prices and availability of crude oil in the global market as Russia is one of the world’s top three crude oil producers.
A further spike is expected after the group of G7 nations – Canada, France, Germany, Italy, Japan, the United Kingdom and the United States – along with the European Union, agreed to a price cap to curb Russia’s revenues from oil export on September 2.
The United States has asked India to join the coalition to cap the prices of Russian oil, according to PTI. However, New Delhi has said it would “carefully examine” the proposal before taking any decision.
On Tuesday, Jaishankar said there is a very deep concern among developing countries about how their energy needs are addressed.
“Countries in the Global South have found it difficult to compete for…