India not responsible for Russia's petroleum exports: Piyush Goyal at WEF

New Delhi: Commerce and industry minister Piyush Goyal at the World Economic Forum annual meeting said India is not responsible for Russia's petroleum exports and is working within the framework designed by the countries that have imposed sanctions on Moscow.

"The EU and other countries in Europe continue to buy far larger quantities than India has ever even thought of buying or will ever buy," he said adding that India has never been a large importer of petroleum products from Russia.

The minister said that he was "personally advised that there is no sanction on petroleum goods or food grains procurement from Russia".


"I think India is well within the current framework which has been designed by the countries who have put in the sanctions," Goyal said. "Over the years, they (Russia) have been a friend of India and we believe that the right way would be to find an amicable solution (to end the conflict with Ukraine)," he said.

On being asked about establishing a payment mechanism to trade with Russia, Goyal said: "Every country has to look after its national interest. I think our interests are no different from the interests or needs of the European people".

WHEAT & SUGAR EXPORTS
Goyal said that there is "a lot of misinformation going around" on India's restrictions on wheat and sugar exports. "Two years ago, we had a nominal surplus of 2 million tonnes which is barely 1% of global wheat trade that we had as a surplus which we allowed to be exported," he said.

Most of India's 7 million tonnes of wheat last year went to Bangladesh. From January to March this year, due to the Ukraine-Russia conflict, India suddenly saw a spurt in wheat exports. From April 1 to May 10, in 40 days, wheat exports increased 6 times or 600% of the year-ago period, according to Goyal.

The minister explained that it was "imperative that we regulate what is exported" as 2 million tonnes were exported in only 40 days and the speed with which it was going, "we would have had a crisis in our own country for food stability, food security and pricing".