WATCH Indian commerce minister expose Western double standards on Russian oil
Indian Commerce Minister Piyush Goyal has highlighted Western double standards in granting exemptions to sanctions on Russian oil companies while expecting India to stop its purchases.
Speaking on a panel at the Berlin Global Dialogue conference on Friday, Goyal responded to an attempt by his British counterpart, Chris Bryant, to justify UK exemptions for Rosneft despite calls for India to cease trading with Russia.
“I read a report that Germany has reached out to the US for seeking exemption [for a Rosneft subsidiary]. The UK already has an exemption for procuring oil,” Goyal said.
Bryant, who was sitting to Goyal’s left, interjected that the issue was relevant only to a “particular” subsidiary.
However, Goyal retorted that India also has a Rosneft refinery in India and wondered why New Delhi was being singled out.
He was referring to Nayara Energy, which is partly-owned by the Russian oil major. It was included in the 18th package of sanctions adopted by the EU in July, as well as in new UK sanctions imposed on October 15. Nayara, one of India’s largest refineries, supplies its petroleum products globally, including to Europe.
'India Has Never Decided Who Its Friends Will Be Based On Anything Other Than National Interest' - Commerce Minister Again Asserts New Delhi's Position Amid US Pressure pic.twitter.com/FTE32J7Ant
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The company, along with another Indian oil giant, Reliance, are expected to see major disruptions after the US imposed sanctions on Russia’s two largest oil majors, Rosneft and Lukoil, earlier this week.
Berlin sought an exemption from sanctions for Rosneft’s German business, Reuters reported on Thursday, citing sources. The business, which includes stakes in several refineries, was put under German government trusteeship in 2022.
Meanwhile, just a week after imposing sanctions on Rosneft, the UK issued a special license allowing operations with two German subsidiaries of the Russian oil company, given that they are under German state control.
The Indian commerce minister stated that New Delhi, which is currently in talks with the EU and the US over a trade deal, will not be pressured into concluding those deals if it isn’t in the country’s national interests. “We don’t do deals in a hurry, and we don’t do deals with deadlines or with a gun on our head,” he said. He added that India’s approach to trade negotiations is guided by long-term thinking rather than short-term pressure.
