Who is profiting from Russian oil purchase?

The foreign minister continues to defend discounted oil imports from Russia but petrol and diesel prices are not coming down in India. Here's why...

Transcript

00:00I would very respectfully suggest maybe European Union is actually doing something very much

00:05more than India is doing at this point of time.

00:07I think my own sense is most governments in the world, European governments get it.

01:00Yes, Shankar, India has extended the import of Russian oil.

01:10It is a totally opposite position of the European sanctions.

01:16Will you change your attitude during the G20 presidency?

01:23On your question about fossil fuel imports from Russia, you know, I think first we need

01:30to establish the facts very clearly.

01:34The European Union between February 24th and 17th November has imported more fossil fuel

01:44from Russia than the next 10 countries combined.

01:50Just as I were to give you an India comparison, the oil import in European Union is like six

01:57times what India has imported, gas is infinity times because we don't import, whereas European

02:04Union has imported 50 billion dollars worth, 50 billion euros worth.

02:11Even coal imports from Russia by European Union, I'm not singling any particular country,

02:17is 50% more than India has imported.

02:20So, the remark that you made that, you know, this is the way the European Union is going

02:26and this is the way India is going, I would very respectfully suggest maybe European Union

02:31is actually doing something very much more than India is doing at this point of time.

02:36Having said that, look, I think we need to have an understanding among governments and

02:42frankly even within the media, there is a finite amount of energy resources available

02:48in the world.

02:50I understand there is a conflict situation, I also understand Europe has a point of view

02:56and Europe will make the choices it will make, that is Europe's right, but for Europe to

03:02make choices which prioritizes its energy needs and then ask India to do something else

03:09and bear in mind today Europe is buying a lot from the Middle East.

03:13Now Middle East was traditionally a supplier for an economy like India, so it puts pressure

03:18on prices in the Middle East as well.

03:21So, we have been very, very understanding of European choices and European policies.

03:27I think my own sense is most governments in the world, European governments get it.

03:33I wish European media also got it, it would be very helpful.

03:37I would urge you to look at these figures, there is actually a website called Russia

03:41Fossil Fuel Tracker, it would give you country by country who is really importing what and

03:48I suspect that might be very, very helpful.