Global energy trade: Jaishankar’s plainspeak against US doublespeak

It has been India’s case that the Russia-Ukraine war’s ramifications for the food and fuel security of the Global South are key reasons for bringing peace

External affairs minister S Jaishankar’s flagging of India’s concerns, such as increasing constriction of energy trade and access to markets at the East Asia Summit in Malaysia, came at a time of growing disenchantment and worries over the disruptive impacts of the trade and tariff policies of the US administration. Jaishankar also raised the selective application of principles and the failure to practice what is preached — an obvious reference to the doublespeak at the heart of US and western sanctions aimed at India, which is not the only buyer of Russian energy. These sanctions and punitive actions have already created market distortions, driving up crude prices and triggering fears of a shortage of supplies.

Jaishankar noted at the East Asia Summit that the world community will “inevitably respond” to the current churn through adjustments, calculations, fresh understandings and resilient solutions. (AP)

It has been India’s case for long that the Russia-Ukraine war’s wide-ranging ramifications for the food and fuel security of nations of the Global South are a key reason for ending the conflict. Many of the actions of the US directed against Russia are a result of President Donald Trump’s failure to end the war in Ukraine, but that cannot be a reason to punish India, which, in fact, has cited the urging of the previous US administration as a reason for ramping up purchases of Russian oil in 2022.

Jaishankar noted at the East Asia Summit that the world community will “inevitably respond” to the current churn through adjustments, calculations, fresh understandings and resilient solutions. In this context, he highlighted technology, market size, digitisation, connectivity and mobility of talent — all key attributes possessed by India. India can look to its presidency of Brics next year — and even possibly work with China at the SCO — to burnish the mantra of multipolarity while taking the lead in the drive to find solutions to the pressing problems and challenges.