India’s oil imports from Russia have caused some friction with Western nations, due to the conflict between Russia and Ukraine. However, US ambassador Eric Garcetti has stated that India has actually helped maintain the oil price cap. He also emphasised that the human impact of the war cannot be overlooked and a country like India knows this best. The conflict is affecting the global economy and India has suffered too because of what’s going on, Garcetti added.
Garcetti believes that India and the US cannot stop the momentum in their relationship because of issues on which they do not fully agree. He stated that India recognises how important sovereignty and borders are, and they will continue to say that you don’t have to be involved in this war to feel its impact.
Talking about India’s oil imports from Russia, Garcetti said that India’s participation has actually fulfilled the goal of keeping the price cap on oil. Russia’s share in India’s crude oil imports went up from 0.2% of all oil imported in the year up to March 31, 2022, to 22% in October 2022, and further escalating to 36% in April 2023, according to data by energy cargo tracker Vortexa.
Garcetti stated that the US understands that oil is an international good and that prices affect everyone. However, he also emphasised that whether it is diamonds or technology, they want to be sure that there is a price for aggression. The G7 countries imposed a price cap of $60 per barrel on Russian oil in December 2022.
In conclusion, Garcetti believes that India and the US can continue to work together even where they don’t agree one hundred per cent of the time. He acknowledged that India has experienced war and understands the human impact of it. He hopes to bring like-minded people with them in aggressively going after aggression in other areas like technology and diamonds.