'Bought Within Price Cap': Finland Defends India's Russian Oil Imports

Published 13 June 2026 · local

'Bought Within Price Cap': Finland Defends India's Russian Oil Imports Published By, Last Updated: June 13, 2026, 09:55 IST Finland backs India on Russian oil

'Bought Within Price Cap': Finland Defends India's Russian Oil Imports Published By, Last Updated: June 13, 2026, 09:55 IST Finland backs India on Russian oil, with Elina Valtonen saying it complies with the price cap. S Jaishankar defends Indias energy policy and criticises European double standards. EAM Jaishankar (Left) and Finnish Foreign Minister Elina Valtonen (Right) While the United States has penalised India over its purchase of Russian oil, New Delhi received unexpected support from Finland, with Finnish Foreign Minister Elina Valtonen defending India’s energy imports from Russia. Speaking during a panel discussion at the Kultaranta Talks in Finland, where External Affairs Minister S Jaishankar and UAE Assistant Foreign Minister Lana Nusseibeh were also present, Valtonen said India had acted within the framework of the oil price cap introduced by Western countries after Russia’s invasion of Ukraine. “In India’s defence, it has bought oil under the price cap. That was the intention," Valtonen said.

She noted that the price cap mechanism was never designed to stop countries from purchasing Russian crude altogether. “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," she added. Jaishankar defends India’s decisions Valtonen’s remarks came as Jaishankar mounted a strong defence of India’s energy policy and rejected criticism over the country’s continued imports of Russian oil. “I buy oil based on cost and availability," Jaishankar said. He explained that global energy markets changed significantly after sanctions were imposed on Russia in 2022. “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 claimed that the United States had encouraged India to buy Russian oil during that period to help stabilise the global energy market. “At that time, the US specifically asked India to buy Russian oil to stabilise the oil market," he said. “Let’s not pretend some great principle is involved here," he added. India’s sharp response to Europe on foreign policy During the discussion, Jaishankar also delivered a pointed response to criticism from European countries regarding India’s position on the Russia-Ukraine conflict. “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 reflected India’s view that some Western countries have adopted inconsistent positions on international conflicts and security issues. Jaishankar also dismissed suggestions that India was moving away from the Gulf region. “Our largest oil supplier is Russia. Our largest gas supplier is the US and this was not the case till February 28 this year.