Ukrainian President Voldymyr Zelensky said that Russia was heavily depending on countries like India for its economic growth, as he called for an end to the oil trade between two countries.
In an interview with Wall Street Journal (WSJ), the President said: “Russia is basing its economy on India, sometimes Turkey and China. And it is obvious if these guys stop their energy trade with Russia, then it (Russia) will have to stop fighting the war."
He also said that India, China and the US could collectively ensure that Russia can no longer fight the Ukraine war.
Deep Dive
Why does Russia's economy rely on oil trade with India?
What challenges does India face in ceasing oil imports from Russia?
How might US tariffs on Russian oil affect India?
Zelensky's remarks came days after US President Donald Trump signed the Lindsey O Graham Sanctioning Russia and Iran Act into law, which grants him power to impose tariffs up to 100% on top Russian oil buyers - India, China, Slovakia, Hungary and Azerbaijan.
{{/usCountry}}Zelensky's remarks came days after US President Donald Trump signed the Lindsey O Graham Sanctioning Russia and Iran Act into law, which grants him power to impose tariffs up to 100% on top Russian oil buyers - India, China, Slovakia, Hungary and Azerbaijan.
{{/usCountry}}Turkey is also one of the purchasers of Russian energy, but reportedly cut back on imports after Ukrainian drone attacks disrupted supply. Turkey is one of the major buyers of CPC Blend, Kazakh KEBCO and Urals oil grades.
Zelensky hopes Trump use tariff powers if…
Zelensky hopes that the Russia sanctions bill signed into a law by Trump would help pressure Russia into ending the war.
“I hope that we will end this (Russia-Ukraine war) and President Trump will help us to end this war. We need to do this as soon as possible, before winter, better before winter,” he said in a media interaction on the sidelines of the UNGA in New York.
According to news agency Reuters, Zelensky also said he hoped Trump would use the sanctions law if Russian President Vladimir Putin declined to de-escalate the war.
Where do Russia-India oil ties stand?
India has been one of the top importers of Russian oil, with the supply from Moscow accounting for roughly one-third to nearly half of India’s crude imports in the recent times.
However, the energy trade has time and again stung the Trump administration, with its biggest example being the US doubling tariffs on Indian imports to 50% last year, before eventually cutting them down.
Also Read: Trump threatens to use Russia sanctions law putting India, China at risk of 100% tariffs
India has always clarified that decisions related to energy imports are taken in accordance with offers in the markets and keeping the sovereign energy security in mind.
Moscow has also consistently backed this trade. New Delhi is buying oil from Russia for its own development and not to help Moscow, Russian Ambassador to India Denis Alipov said earlier this month. Slamming the US's sanctions threat, he said Moscow remains committed to fulfilling New Delhi's energy demands.