India has received unexpected backing from Finland over its purchase of Russian oil, with the Finnish Foreign Minister, Elina Valtonen, stating that New Delhi has acted entirely within the framework of the price cap introduced by Western nations following the invasion of Ukraine. Speaking during a panel discussion at the Kultaranta Talks in Finland — which featured India's External Affairs Minister, S Jaishankar, alongside Valtonen and the UAE Assistant Foreign Minister, Lana Nusseibeh — the Finnish minister argued that the Western price cap mechanism was never intended to stop countries from buying Russian crude altogether.
In India's defence, Valtonen noted that the country had bought oil under the price cap as intended, explaining that the objective was to prevent global market disruption whilst ensuring Russia did not enjoy massive profit margins.
The remarks coincided with a robust defence from Jaishankar regarding India's energy policy, as he firmly rejected ongoing criticism over New Delhi's continued purchases of Russian oil since the outbreak of the war. Responding to questions about India's imports, Jaishankar stated that energy purchases were guided purely by cost and availability rather than political alignments.
He recalled that the global energy market underwent a dramatic shift after sanctions were imposed on Russia in 2022, forcing countries to seek alternative suppliers. He explained that circumstances had pushed India in a certain direction because European nations were buying up Middle Eastern oil, which had traditionally been India's primary source.
Jaishankar also pointed out what he described as inconsistencies in Western positions on Russian energy, noting that the United States had specifically asked India to buy Russian oil at the time to help stabilise the global market, suggesting that observers should not pretend a great principle was involved. Delivering one of his strongest responses yet to European criticism regarding India's stance on the conflict, Jaishankar remarked that European countries had sold weapons used to attack India for many years, whereas Indians had never done anything to endanger Europe.
Furthermore, Jaishankar dismissed suggestions that the world was moving away from the Gulf region. He observed that whilst Russia is currently India's largest oil supplier and the US has overtaken Qatar as its largest gas supplier this year, India's relationship with the Gulf extends far beyond energy. His comments reflect the rapid changes in global energy flows since the conflict began and highlight India's efforts to diversify its energy sources whilst maintaining ties with multiple international partners. Valtonen's intervention is likely to strengthen New Delhi's argument that its oil purchases have remained within the rules established by Western nations themselves.
Also read: Jaishankar defends India's purchase of Russian crude oil
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