Finland's Foreign Affairs Minister Elina Valtonen has described the ongoing West Asia crisis as a 'wake-up call' for nations to accelerate the diversification of their energy imports. Speaking to ANI on Monday, she emphasised that both Finland and India must work toward a more diversified, secure, and clean energy future to reduce dependence on autocratic regimes for critical energy supplies.
India's Oil Imports from Russia 'Understandable' but Temporary
Valtonen acknowledged that India's imports of oil from Russia are 'understandable' given the country's vast energy needs. However, she stressed that this should be a transitional phase toward a more diversified energy mix. 'For a large country like India, it is understandable that it needs to import oil from sources which, unfortunately, are not in compliance with international law. At the same time, I do see this as a necessary transition period toward a more diversified energy mix, which also brings more autonomy and sovereignty to India going forward through the clean energy transition and energy security,' she said.
EU Oil Price Cap on Russia
The European Union imposed an oil price cap on Russian oil following the Ukraine war to reduce Moscow's profit margins. Valtonen explained that the cap was designed to avoid massive disruptions to the oil market while limiting Russia's revenues from energy exports. 'Russia is waging an illegal war of aggression against a neighbouring country, Ukraine. Russia has been challenging the territorial integrity and sovereignty of Ukraine, which is completely against the principles of the UN Charter and international law,' she noted.
Democratic Nations Must Collaborate
Valtonen urged democratic nations to work together and not rely on autocratic nations for critical energy resources. 'We cannot rely on autocratic nations for the supply of oil and other critical energy or raw materials going forward. We need to be more self-reliant and, as democratic nations, work more closely together than ever before,' she added. She highlighted the India-EU Free Trade Agreement as a key stepping stone for enhancing cooperation in energy and other sectors.
India's Diversification Efforts
India has already made strides in diversifying its energy imports. Prime Minister Narendra Modi announced on July 4 that the country now imports fuel from more than 40 countries. External Affairs Minister S Jaishankar, during his visit to Finland in June, emphasised the need for resilient supply chains and India's energy priorities. He stated that India's energy choices are guided by national interest, focusing on affordability and availability.
Green Hydrogen and Critical Minerals
When asked about energy security becoming a key pillar of India-Finland cooperation via green hydrogen and critical minerals, Valtonen pointed to the India-EU Free Trade Agreement as a foundation for collaboration. She also highlighted the valuable Indian diaspora in Finland, who contribute their expertise to Finnish society. 'India is the world's largest democracy, and we stand strong for freedom and individual liberties around the world, because both of those are challenged in the time we live in,' she concluded.
