Washington: ‘Rising crude oil prices due to Russia-Ukraine war is breaking India’s back,’ said External Affairs Minister Jaishankar. Union External Affairs Minister Jaishankar, who has visited the United States, met the US Secretary of State Anthony Blinken. Later, he gave a joint interview with Blinken. Jaishankar then said, ‘Due to the Russia-Ukraine war, crude oil prices have increased.
India, a developing country, has a GDP per capita of $2000. Due to this, the price of oil is affecting us a lot. The energy market has been under a lot of pressure for the past few months. If the price increase puts pressure on one side, it is difficult for the other side to get it. India’s crude oil imports from Russia have increased 50-fold since April.
Before the Ukraine war, Russian oil accounted for only 0.2 percent of India’s total crude oil imports. As the economic sanctions imposed by Western countries have an impact on Russia, it is reflected in the increase in prices. The rise in crude oil prices is breaking India’s back,’ he said.