HomeLatest NewsIndia's criticism of Russia's oil imports reflects the West's double standards: Russia

India’s criticism of Russia’s oil imports reflects the West’s double standards: Russia

Historically, Russia has not been a major source of fossil fuels for India but imports of discounted Russian crude oil have increased dramatically in the past few months.

Historically, Russia has not been a major source of fossil fuels for India but imports of discounted Russian crude oil have increased dramatically in the past few months.

Russian Ambassador Denis Alipov said on Sunday that India’s criticism of Western countries over importing Russian crude oil while absolving themselves of their “own illegal sanctions” is a reflection of their unscrupulous stance and double standards.

In an exclusive interview, Dr PTIThe ambassador said that trade between India and Russia has increased and both sides have several payment systems and also an option to use third country currencies with some “partners” in Asia and the Middle East that offer effective. choice

Historically, Russia has not been a major source of fossil fuels for India but imports of discounted Russian crude oil have grown sharply in the past few months, despite growing unrest in many Western capitals.

“Those who criticize India in the West not only remain silent on the fact that they themselves have actively bought Russian energy resources by exempting them from their own illegal sanctions, but clearly demonstrate their unscrupulous stance and double standards while claiming otherwise,” Mr. Alipov said.

The ambassador said Europe had “totally lost” its independent voice while “appeasing” US ambitions for power and was now trying to maintain its economic well-being by triggering energy price hikes in the rest of the world.

“Why should India pay for this,” asked Mr Alipov.

The ambassador also suggested that Western sanctions against Moscow had no impact on India-Russia trade and said that trade volume in the first six months of this year had recorded $11.1 billion (one billion = Rs. 100 crore), which was about $13 billion in 2021.

“We have every reason to believe that by the end of this year we will reach a historic record, and it is not only because of the large-scale supply of hydrocarbons that has increased more than 10 times,” he said.

Speaking about several payment systems for bilateral trade, Mr. Alipov said that one of them is using the national currency, with more than 40% of trade volume in the national currency in recent years.

“Recently the Reserve Bank of India has issued a special circular, which expands the use of the rupee in international trade. This is another step to support the option for the trading community to exercise invoicing, payment and settlement operations in the national currency,” Mr. Alipov said.

“Secondly, there is a system of using third country currencies with viable options proposed by our partners in Asia and the Middle East. We also see immense potential in establishing the BRICS International Reserve Fund,” he said.

Mr Alipov said Russian companies and banks, which have not been sanctioned, could still engage in economic activities using US dollars and euros.

“As for the impact of Western sanctions, their side effects were clearly miscalculated both politically and economically. Rising fuel and food prices have accelerated global inflation and put even advanced economies at risk of falling into recession,” he said.

The ambassador said there was an “incredible potential” for trade in Russia, with political reasons rendering “huge space” after the “reluctant” withdrawal of many Western companies.

Mr Alipov said there was growing interest from both Russia and India to further diversify trade ties by taking advantage of “emerging opportunities”.

“The overall objective is to complement each other’s economic strategies as both our countries aim to increase the level of self-reliance and are keen to explore new markets facilitated by sustainable processes of financial transactions and logistics,” he said.

On India’s oil procurement from Russia, Mr Alipov said New Delhi has consistently maintained that its approach is based on its national interests and reflects the needs of the growing Indian economy and the welfare of its people.

“As for the impact of Western sanctions, clearly their side effects were miscalculated both politically and economically,” he said.

Asked about India’s position on the Ukraine crisis, the ambassador said Russia respects and appreciates New Delhi’s consistent position based on a solid foundation of international law and a strategic view of national interests.

He said the best feature of Russia’s strategic partnership with India is that it is not directed against anyone.

“We also feel that there is a deep understanding in Indian society about the origins of the Ukrainian crisis which started long before February 2022,” he said.

India has not yet criticized Russia’s attack on Ukraine and has been saying that the crisis should be resolved through dialogue.

“Achieving undivided security, equal multi-polarity and democratization of global governance are our collective aspirations when efforts to stem these natural trends by exercising dictates and unilateralism in the name of shared values ​​are a thing of the past,” he said.

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