During his visit to Ukraine, Prime Minister Narendra Modi extended an invitation to President Volodymyr Zelenskyy to visit India on Friday. Zelenskyy expressed his happiness over the invite, stating that he would be delighted to visit the 'great' country. PM Modi's nearly nine-hour visit to Kyiv marked the first visit by an Indian Prime Minister since Ukraine's independence three decades ago.
During the media briefing following the talks between the two leaders, Foreign Minister S. Jaishankar stated that India had addressed Ukraine's concerns over India's oil deals with Russia. According to the Foreign Minister, India explained the current oil market situation, the impact on India, India's strategic need to purchase oil from Russia, and its implications on the world economy.
Foreign Minister Jaishankar confirmed that Modi had extended an invitation for Zelenskyy to visit India. He said, 'It is significant that our Prime Minister visited Ukraine for the first time since 1992. On such occasions, it is natural to extend an invitation, as he did in this case.'
Foreign Minister Jaishankar added, 'Therefore, we expect that at his convenience, President Zelenskyy will visit India.' The joint statement also mentioned that Modi had invited Zelenskyy to visit India at his convenience.
Zelenskyy Happy to Visit India
When asked about Modi's invitation during the media briefing, Zelenskyy said he would be happy to visit India. He remarked, 'Yes, because when you start a strategic partnership and engage in discussions, I believe you don't need to waste time or wait too long. So, I think it would be good to meet again.' He added that he wants India to support his country.
He continued, 'I have read a lot about your big and great nation. It is very interesting. I need your country very much. Whenever your government and Prime Minister are ready to meet me, I will be happy to come to India.' He also suggested that the visit would depend on the situation in Ukraine.
Jaishankar Explains Importance of Buying Oil from Russia
Meanwhile, in response to a question, Foreign Minister S. Jaishankar said that India's energy trade with Russia was also discussed. The Foreign Minister stated, 'Yes, the discussion took place. I won't go into details, but we explained to the Ukrainian side the current state of the energy market. Even today, many energy producers face sanctions, making the market conditions potentially very difficult. It's not just a compulsion; my point is that it's in the overall interest of the international economy to keep oil prices reasonable and stable.'
In fact, if India currently gets oil at relatively low prices compared to Gulf and other oil-exporting countries, it is due to its strategic purchase from Russia. Before the Ukraine war, India used to import oil from these countries rather than Russia. But the circumstances changed after the Ukraine conflict. If India imports expensive oil now, it will not only affect its economy but also have global repercussions since India is one of the fastest-growing economies in the world. Importing oil from the Gulf or other countries would be more expensive compared to Russia. This will impact India's economy and, indirectly, the global economy. By purchasing oil from Russia, India has balanced its foreign trade and oil account.
Nearly 40% Oil Imported from Russia
According to a report by the Center for Research on Energy and Clean Air (CREA), India, the world's third-largest oil consumer and importer, purchased crude oil worth $2.8 billion from Russia in July, placing it second after China, which remains the largest importer of Russian oil.
Read Also: Emotive Meet... Pictures of PM Modi-Zelenskyy's Talk in Kyiv
Russia has emerged as the largest supplier of crude oil for India, which is refined into fuels like petrol and diesel. After some European countries stopped buying oil from Moscow following the invasion of Ukraine in February 2022, Russia began offering oil at a discount, and India took advantage of this opportunity. Before the Ukraine war, India's total oil imports from Russia were less than one percent of its total oil import, but now, it accounts for about 40 percent of India's total oil purchases.
