Imports under the price cap: Finland Minister defends India's Russian oil buys
India received unexpected backing from Finland on its purchase of Russian oil, with Finnish Foreign Minister Elina Valtonen saying New Delhi had acted within the
India received unexpected backing from Finland on its purchase of Russian oil, with Finnish Foreign Minister Elina Valtonen saying New Delhi had acted within the framework of the oil price cap introduced by Western countries after Russia's invasion of Ukraine. Speaking during a panel discussion at the Kultaranta Talks in Finland, where External Affairs Minister S Jaishankar participated alongside Valtonen and UAE Assistant Foreign Minister Lana Nusseibeh, the Finnish minister argued that the Western price cap mechanism was never designed to stop countries from buying Russian crude altogether. Read Full Story “In India's defence, it has bought oil under the price cap. That was the intention,” Valtonen said. She added, “When we introduced the oil price cap, we did not prohibit the world from buying Russian oil. The entire idea was not to disrupt the oil market but to make sure oil continued to be supplied while Russia did not make massive margins from it.” The remarks came as Jaishankar mounted a robust defence of India's energy policy and rejected criticism over New Delhi's continued purchases of Russian oil since the outbreak of the Ukraine war.
FINLAND FOREIGN MINISTER DEFENDS INDIA FOR BUYING RUSSIAN OIL "Let us remind ourselves. When we introduced the oil price cap, we did not prohibit the world from buying Russian oil. In India's defence, it has bought oil under the price cap. That was the intention." pic.twitter.com/nXAWlCxE1F— SilentFrame (@SilentFrameM) June 12, 2026 JAISHANKAR DEFENDS INDIA'S OIL DECISIONS Responding to questions about India's imports from Russia, Jaishankar said energy purchases were guided by practical considerations rather than political alignments. “I buy oil based on cost and availability,” he said. The external affairs minister recalled that the global energy market underwent a dramatic shift after sanctions were imposed on Russia in 2022, forcing countries to seek alternative suppliers. “At that point of time, much of the oil available in the market was from Russia because Europeans were buying up the Middle East oil, which was our traditional supplier. Circumstances pushed us in a certain direction,” he said.
Jaishankar also pointed to what he described as inconsistencies in Western positions on Russian energy. “At that time, the US specifically asked India to buy Russian oil to stabilise the oil market,” he said, adding, “Let's not pretend some great principle is involved here.” SHARP RESPONSE ON EUROPE'S CRITICISM During the discussion on India's stance towards the Russia-Ukraine conflict, Jaishankar delivered one of his strongest responses yet to European criticism. “European countries sell weapons that have been used to attack India for many years. We Indians have never done anything to endanger Europe. So keep that in mind,” he said. His remarks appeared aimed at what New Delhi has long viewed as selective criticism from parts of Europe regarding India's foreign policy choices. INDIA'S CHANGING ENERGY LANDSCAPE Jaishankar also rejected suggestions that the world was moving away from the Gulf region. “Our largest oil supplier is Russia.
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