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Keep in mind that the European gas crisis is because Russia are restricting supply, not because European countries aren't prepared to buy it. Are India behavin

Keep in mind that the European gas crisis is because Russia are restricting supply, not because European countries aren't prepared to buy it. Are India behaving any differently to European countries in trying to secure energy?

adventured 4y ago
The EU is voluntarily cutting off purchasing Russian oil - which is what the parent comment referred to - and has placed an embargo on Russian oil. 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.
- addicted 4y ago
  Oil is a global market. India buying Russian oil means they aren’t buying it from the broader market. If they didn’t buy Russian oil they would buy it from the broader market increasing overall oil prices and inflation in Europe. 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.

adventured 4y ago

The EU is voluntarily cutting off purchasing Russian oil - which is what the parent comment referred to - and has placed an embargo on Russian oil. 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.

addicted 4y ago
Oil is a global market. India buying Russian oil means they aren’t buying it from the broader market. If they didn’t buy Russian oil they would buy it from the broader market increasing overall oil prices and inflation in Europe. 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.