The International Trade Council (ITC) acknowledges India's recent indication that it will continue to prioritize its own energy needs and maintain its purchase of oil from Russia. While recognizing India's sovereign right to make its energy choices, the ITC emphasizes the importance of considering the ongoing conflict in Ukraine and the potential consequences of supporting Russia's oil exports.
The ITC remains firm in its stance against the illegal invasion of Ukraine by Russia and the destabilizing impact it has had on global peace and security. Consequently, the ITC cannot endorse or support trade agreements that may contribute to the financial resources of a party engaged in such actions until the war has come to a conclusion.
It is crucial for all nations to prioritize diplomatic efforts and promote peaceful resolutions to conflicts. The ITC encourages India, as a respected member of the international community, to play an active role in advocating for a peaceful resolution in Ukraine and refrain from engaging in trade activities that could prolong the conflict or provide financial support to the aggressor.
The ITC emphasizes the importance of upholding international norms and values in trade relationships. It urges all countries to consider the ethical and geopolitical implications of their trade decisions and work towards a sustainable and peaceful global trade environment.