New Delhi: Indian Finance Minister Nirmala Sita Raman has said that oil imports from Russia are part of the ongoing strategy to reduce inflation in the country.
Addressing an event in New Delhi, he said that other countries of the world are also following a similar strategy.
The Indian Finance Minister said that despite the pressure from the Western countries, India did not condemn the Russia-Ukraine war in February, but emphasized the need to resolve the issues and the crisis diplomatically.
A foreign news agency According to the report He said that Russia has been India’s largest foreign supplier of defense equipment for the past several decades.
Finance Minister Nirmala said that since February this year, crude oil imports from Russia have increased from 12 to 13 percent, which was only 2 percent earlier.
According to the Indian Finance Minister, India is the world’s third largest consumer and importer of crude oil, which owes to Narendra Modi’s balance in trade and other relations with various countries.
In his speech, Seetha Raman said that the Indian government has repeatedly said that the country needs to continue buying oil from Russia to keep inflation under control.
Read more: After oil, Indian companies also signed a big agreement to buy coal from Russia
It should be noted that despite the Western pressure and sanctions, Indian companies have signed a big agreement to buy coal after oil from Russia.
According to foreign media, India’s largest cement company will buy coal from Russia and will pay for ultratech coal in Chinese currency.