Are India behaving any differently to European countries in trying to secure energy?
Are India behaving any differently to European countries in trying to secure energy?
The EU is taking enormous harm upon itself by what it's doing in regards to the Ukraine / Russia war. It could stay out of the Ukraine conflict, it could have the pipelines all operating normally, it could be enjoying dramatically lower energy bills.
India is doing the exact opposite. They're intentionally avoiding harming themselves and are opportunistically buying cheap energy.
Yes, they're behaving very differently. Which also doesn't mean it's not in India's self-interest to purchase cheap energy, given their economic context. One would be a fool to not grasp why they're doing it and that for their own well-being it may very well make sense; they're not part of Europe and they don't view themselves as being involved.
More importantly, India is buying oil at a heavily discounted price, which at current prices means Russia is likely selling at a loss. This is working so well that Europe is trying to emulate something similar with their price cap idea, which is functionally similar to what India is doing, except India’s discount probably means an even lower price for Russia and India has been doing this successfully for 200+ days while it’s not clear Europe’s price cap idea will ever get off the ground.