INDIA NOT BACKING DOWN ON BUYING RUSSIAN OIL

Written by Michael Thervil

INDIA NOT BACKING DOWN ON BUYING RUSSIAN OIL

[India Russia oil] It seems that the country that has seemed to play both sides has taken a strong stance against threats of sanctions from the United Kingdom and America because of India’s purchasing of Russian oil. Indian Prime Minister Narendra Modi stated that he will do whatever’s necessary to ensure that India’s energy needs are met. Prime Minister Modi stated the following to the Press:

“We have been very clear that insofar as energy security is concerned, it is the highest priority of the government of India to provide energy security for the people of India, and we will do what we need to do with regard to that. On energy related issues itself, also, as we have said previously, it is important not to have double standards and to have a clear eye's perception of what the global situation is insofar as the broader energy market is concerned.”

This statement by Prime Minister Modi comes not only after the E.U. applied a fresh round of sanctions on Russia but after the threat made by American senator linsey graham in which he stated to India: “I would tell China, India, and Brazil. If you keep buying cheap Russian oil, to allow this war to continue, we will tariff the hell out of you [and] we will crush your economy, because what you are doing is blood money”. President Trump also stated that he would impose “100% secondary tariffs” on any country that purchases Russian gas if Russia didn’t agree to a cease fire in the next 50 days. The Trump Administration has also issued threats of applying sanctions and tariffs to virtually all BRICS members if they continued to purchase Russian oil.

Currently, India has imported over $50 billion worth of Russian crude oil, and it doesn’t appear that India is going to stop there. India, a nation of over 1.4 billion people and climbing it doesn’t make any economic sense to go along with western back sanctions against Russia. To do so would place not only the people of India in jeopardy, but it would place the government of India in jeopardy as well.

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The European Union nor the Americans are in any position to threaten anyone in the form of sanctions, tariffs, or anything else for that matter. The E.U. has economic uncertainties, recession and social inequality, migration and illegal aliens, its own energy security, geopolitical instability due to the growing dominance of multi-polarity, and the growing threat of nationalism which challenges the dominance of the power of the E.U. itself. For America, a country that doesn’t make anything other than weapons, the idea of threatening India not only increases but seals its fate when it becomes no longer relevant to the rest of the developing world.

Like it or not, the world needs cheap energy, and this is especially true in the age of artificial intelligence which is one of the most energy guzzling systems the world has to date. Cheap energy is needed for everything from the manufacturing sector to clothing and textiles, to transportation and the combating of climate change, to business and economics. So, the idea of threatening to sanction Russia via BRICS members is self-defeating as the BRICS member countries own an estimated $28 trillion of the world’s GDP accounting for nearly 40% of the world purchasing power.

In short, if BRICS member countries don’t engage in trade with the Collective West, countries that make up the Collective West will have to eat the cost in terms of lower trade outputs, inflations, and falling commercial sales, which lead to lower wages and few jobs. And the trickle-down effect doesn’t stop there as the housing market will take a huge hit as well. The age of coercion to get countries to comply with the demands of the unipolar order has come to an end – and India is demonstrating that fact.