Waiting for thanks… S Jaishankar said – We saved the world from a big trouble by buying oil from Russia.

External Affairs Minister S Jaishankar on Wednesday said India softened the oil and gas markets and as a result, controlled global inflation through its procurement policies. Speaking to the media at the Indian High Commission in London, Jaishankar said India’s oil purchase policies during the Russia-Ukraine war stabilized the global economy. Jaishankar said that if we had not bought oil from Russia, all global oil prices would have gone higher, because we would have gone to the same suppliers and markets as Europe and Europe would have paid higher prices than us.

Sharing his insights on the subject, Jaishankar said that at a time when many smaller countries were not getting responses to their tender enquiries, India was big enough to command some respect in the markets. We saw that in the liquefied natural gas (LNG) markets where actually a lot of the supplies that were traditionally coming to Asia were diverted to Europe. At least India is big enough to command some respect in the market, he said. The minister said there were many smaller countries that did not even receive responses to their tender inquiries because liquefied natural gas (LNG) suppliers were no longer interested in working with them.

Jaishankar said that we have actually softened the oil markets and gas markets through our procurement policies. As a result, we have actually controlled global inflation and people should say thank you. I am looking forward to thank you. Jaishankar on Wednesday concluded his five-day visit to the UK, which he described as timely after several cross-party engagements.