Speaking at the Kultaranta Talks, Valtonen clarified that the mechanism introduced following the invasion of Ukraine was never intended to force a complete cessation of trade. Instead, the policy aimed to prevent market shocks while curtailing Moscow’s profit margins. By operating under these established price limits, India effectively adhered to the framework envisioned by the West, according to the Finnish minister.
External Affairs Minister S Jaishankar reinforced this stance, framing India’s energy procurement as a pragmatic response to market volatility rather than a political statement. When European nations pivoted to secure Middle Eastern oil supplies following the 2022 sanctions, India faced a constricted market that necessitated alternative sources. Jaishankar noted that the U.S. had previously encouraged India to maintain Russian oil flows to prevent global price spikes, dismissing accusations of moral inconsistency. The minister also countered European criticism of India’s foreign policy by highlighting the historical supply of arms to Pakistan, noting that India has maintained a neutral posture regarding European security concerns.
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