India softened global inflation: Jaishankar

Jaishankar also reiterated the “exceptional steadiness” of India-Russia ties.

India's purchase policies softened the oil and gas markets by its decision to continue transactions with Russia and should be thanked for managing global inflation as a consequence, EAM S Jaishankar has said.

During an interaction entitled ‘How a Billion People See the World' at the Royal Over-Seas League, Jaishankar addressed the question of India charting its own course in the face of Western sanctions against Russia for its invasion of Ukraine. He also reiterated the "exceptional steadiness" of India-Russia ties and pointed out that unlike in the West, Russia is not viewed as a "revisionist power" in the East.

"Just imagine for the moment had we not bought oil from Russia, global oil prices would have gone higher; because we would have gone into the same market, to the same suppliers that Europe would have done and frankly, as we discovered, Europe would have outpriced us," said Jaishankar.

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