PremiumSanctions rarely work beyond satisfying political constituencies, and snap-offs in commercial ties are unlikely to achieve anything positive. Yet, it’s also important that New Delhi pushes for a ceasefire in Europe. It would clearly be in everyone’s interest
India’s foreign minister S. Jaishankar met his Russian counterpart Sergey Lavrov in Moscow on Tuesday. Bilateral trade and defence ties are said to have been on top of the agenda. From a mere 0.2% of our total crude oil imports in 2021-22, the share of Indian purchases from Russia has surged to around 20% lately. The West has been seeing red, with some analysts arguing that Indian money is helping Russia finance its war against Ukraine. This criticism is hollow, given the EU’s own energy relationship with Ukraine’s invader. While the West may be trying to reduce its imports, with a new squeeze plan set for December, it’s also obvious that the world needs all the hydrocarbon supplies it can get so that prices cool down and do not roil economies further. Sanctions rarely work beyond satisfying political constituencies, and snap-offs in commercial ties are unlikely to achieve anything positive. Yet, it’s also important that New Delhi pushes for a ceasefire in Europe. It would clearly be in everyone’s interest. An honourable exit is what both sides need. Turkey has tried to play the peacemaker. So have a few other countries. It’s tough. But our diplomats should still try crafting a durable peace deal.