Editor's Pick: India, Russia trying to ‘bypass’ sanctions

Russia and India are looking to “bypass” the sanctions imposed by the United States, the European Union and partners, visiting Russian Foreign Minister Sergey Lavrov said on Friday after talks with External Affairs Minister S. Jaishankar in New Delhi. Mr. Lavrov also met Prime Minister Narendra Modi before his departure. “[The] Prime Minister reiterated his call for an early cessation of violence, and conveyed India’s readiness to contribute in any way to the peace efforts,” Mr. Modi’s office said. The Ministry of External Affairs (MEA) said Mr. Jaishankar and Mr. Lavrov specifically discussed India’s concerns over the impact of the Ukraine crisis on its economy, noting that it was “important” to ensure that their economic and technological contacts remain “stable and predictable”. Mr. Lavrov’s visit follows visits by senior officials of the U.S., the EU and the U.K. this week who cautioned India against trying to circumvent the financial sanctions put in place by them, by using a non-dollar “rupee-rouble” payment mechanism. They also expressed the hope that India would not further increase its oil intake from Russia. While the MEA made no response to the comments, that included a direct warning from the U.S. Deputy National Security Adviser that there would be “consequences” to such actions, Mr. Lavrov lashed out at the West for attempting to “blackmail” India and other countries that are not part of the sanctions, like China. The war in Ukraine had pushed up crude oil prices, which have slightly eased this week after the U.S. announced release from its largest reserve. Domestic fuel prices have steadily risen — in the past 12 days, petrol has been hiked by ₹7.20 a litre, crossing the ₹100 mark in Delhi, Mumbai, Chennai and Kolkata. Finance Minister Nirmala Sitharaman on Friday said India has already started buying the cheaper Russian oil on offer. “Well, it’s gone through. We have started buying. We have received about quite a number of barrels, I would think about three-four days’ supply, and this will continue,” she said, to a query on CNBC TV18. “I will put my country’s national interest and energy security first. If there is fuel available at a discount, why shouldn’t I buy it? I need it for my people,” she said. As India’s policymakers face a tough choice over whether to cut fuel taxes and earn lower revenue or risk higher inflation, the story about Russia-India talks on how to get past sanctions and ensure oil and other supplies becomes an important one. Was this newsletter forwarded to you? Head over to our newsletter subscription page to sign up for Editor‘s Pick and more. Click here The Hindu’s Editorials Sri Lanka’s rage Quota and data: On Vanniyar quota verdict The Hindu’s Daily Quiz In which year did the Armed Forces (Special) Powers Act (AFSPA) come into force? 1972 1958 1960 1963 To find out the answer and play the full quiz, click here [logo] Editor's Pick 02 APRIL 2022 [The Hindu logo] In the Editor's Pick newsletter, The Hindu explains why a story was important enough to be carried on the front page of today's edition of our newspaper. [Arrow]( [Open in browser]( [Mail icon]( [More newsletters]( India, Russia trying to ‘bypass’ sanctions Russia and India are [looking to “bypass” the sanctions]( imposed by the United States, the European Union and partners, visiting Russian Foreign Minister Sergey Lavrov said on Friday after talks with External Affairs Minister S. Jaishankar in New Delhi. Mr. Lavrov also met Prime Minister Narendra Modi before his departure. “[The] Prime Minister reiterated his call for an early cessation of violence, and conveyed India’s readiness to contribute in any way to the peace efforts,” Mr. Modi’s office said. The Ministry of External Affairs (MEA) said Mr. Jaishankar and Mr. Lavrov specifically discussed India’s concerns over the impact of the Ukraine crisis on its economy, noting that it was “important” to ensure that their economic and technological contacts remain “stable and predictable”. Mr. Lavrov’s visit follows visits by senior officials of the U.S., the EU and the U.K. this week who cautioned India against trying to circumvent the financial sanctions put in place by them, by using a non-dollar “rupee-rouble” payment mechanism. They also expressed the hope that India would not further increase its oil intake from Russia. While the MEA made no response to the comments, that included a direct warning from the U.S. Deputy National Security Adviser that there would be “consequences” to such actions, Mr. Lavrov lashed out at the West for attempting to “blackmail” India and other countries that are not part of the sanctions, like China.  The war in Ukraine had pushed up crude oil prices, which have slightly eased this week after the U.S. announced release from its largest reserve. Domestic fuel prices have steadily risen — in the past 12 days, petrol has been hiked by ₹7.20 a litre, crossing the ₹100 mark in Delhi, Mumbai, Chennai and Kolkata. Finance Minister Nirmala Sitharaman on Friday said [India has already started buying the cheaper Russian oil]( on offer. “Well, it’s gone through. We have started buying. We have received about quite a number of barrels, I would think about three-four days’ supply, and this will continue,” she said, to a query on CNBC TV18. “I will put my country’s national interest and energy security first. If there is fuel available at a discount, why shouldn’t I buy it? I need it for my people,” she said. As India’s policymakers face a tough choice over whether to cut fuel taxes and earn lower revenue or risk higher inflation, the story about Russia-India talks on how to get past sanctions and ensure oil and other supplies becomes an important one.    Was this newsletter forwarded to you? Head over to our newsletter subscription page to sign up for Editor‘s Pick and more.  [Click here]( The Hindu’s Editorials [Arrow][Sri Lanka’s rage]( [Arrow][Quota and data: On Vanniyar quota verdict]( The Hindu’s Daily Quiz In which year did the Armed Forces (Special) Powers Act (AFSPA) come into force? - 1972 - 1958 - 1960 - 1963 To find out the answer and play the full quiz, [click here]( Today’s Best Reads [[India, Australia ink economic cooperation and trade pact to boost ties] India, Australia ink economic cooperation and trade pact to boost ties]( [[Amazon workers in NYC vote to unionise in historic labor win] Amazon workers in NYC vote to unionise in historic labor win]( [[Caste analysis and its reading today] Caste analysis and its reading today]( [[BIMSTEC after the Colombo summit] BIMSTEC after the Colombo summit]( Copyright @ 2022, THG PUBLISHING PVT LTD. 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