India's back is being broken by the spike in oil prices: Jaishankar

According to External Affairs Minister S Jaishankar on Tuesday, the surge in oil prices brought on by the crisis in Russia and Ukraine is "breaking our back" for India, a country with a USD 2,000 per capita economy. After holding bilateral talks, Jaishankar and US Secretary of State Antony Blinken had a joint press conference where they both stated that developing countries have very serious concerns about how their energy demands are being met.

He stated of the conflict in Ukraine: "We have taken the stance that this conflict is not in anyone's interest, privately, publicly, confidentially, and consistently."

He argued that returning to diplomacy and dialogue is the best course of action. "However, despite having an economy with a USD 2,000 per capita income, we still have concerns about the price of oil. At a time when the price of oil is crippling us and is a major issue, "he remarked

"At this time, we are concerned that already-stressed energy markets will need to relax. By how it impacts ourselves and other nations in the global south, we would evaluate any scenario honestly. The way emerging nations' needs for energy security are met, or lack thereof, is a major source of concern "Jaishankar remarked.

Since April, India's imports of crude oil from Russia have increased more than 50 times, and today they account for 10% of all petroleum purchased from outside.

Just 0.2% of India's total oil imports before the Ukraine war came from Russia. After Russia's invasion on Ukraine, Western nations are gradually reducing their energy purchases from that country.

The price cap was explicitly created to decrease Russian earnings and its capacity to finance the Ukraine war, according to a statement released earlier this month by the G-7 Finance Ministers.