Global oil sanctions and chokepoints a means to hold prices hostage: Jaishankar

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The Economic Times daily newspaper is available online now. Read Today's Paper Global oil sanctions and chokepoints a means to hold prices hostage: JaishankarBy Dipanjan Roy Chaudhury, ET BureauLast Updated: Nov 01, 2026, 12:07:00 AM ISTSynopsis

Addressing the G20 foreign ministers' meeting in Atlanta on Friday (US time), he said the world was facing an energy crisis driven not by a lack of production but by unpredictability, supply disruptions, unaffordable costs and difficulties in access.

New Delhi: External affairs minister S Jaishankar urged the group of the world's 20 largest economies to keep energy markets open and stable, slamming disruptions to global oil supplies through sanctions and key transit chokepoints as deliberate attacks on trade and infrastructure to hold prices hostage.

Addressing the G20 foreign ministers' meeting in Atlanta on Friday (US time), he said the world was facing an energy crisis driven not by a lack of production but by unpredictability, supply disruptions, unaffordable costs and difficulties in access.

Also read | India-Bangladesh Ganga water treaty renewal in doubt as December deadline nears

"The G20 must display both understanding and leadership to keep energy markets open and predictable," Jaishankar said, emphasising that continuous distortions of energy markets through obstacles, sanctions and chokepoints were happening with increasing frequency, greater complexity and wider impact.

He stressed that there appeared to be little regard for difficulties faced by low-income countries.

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Without directly naming either the US or Europe, Jaishankar also said that convenient distinctions were being made between oil and gas. "Selective carve-outs speak for themselves," he said.

New Delhi has taken serious note of the US move to seek a carveout and a deal with Russia on diesel imports.

Mind Tactical Calculations, says Minister

India has received a temporary waiver under the Sanctioning Russia and Iran Act to continue purchasing crude from Moscow.

Jaishankar reiterated in his speech that the knock-on effects and mutual dependence in a globalised market should not be underestimated. He also reaffirmed that India needs reliable and predictable liquefied petroleum gas supplies for its clean cooking needs.

Also read | Jaishankar calls for deeper Quad cooperation on energy security, counter-terrorism, maritime issues

The minister highlighted that India's National Critical Mineral Mission spans exploration to recycling. He also said that India has proposed a G20 Critical Minerals Circularity Initiative. The minister urged the G20 to widen access to finance and advance storage, small modular reactors, green hydrogen and biofuels.

Jaishankar also warned against allowing "tactical calculations" to override concerns about terrorism, a statement that assumes significance against the backdrop of the US administration under President Donald Trump seeking to establish closer ties with Pakistan.

"Tactical calculations should not lead to overlooking the dangers of terrorism. It is a high-risk activity which has come back to bite even the practitioners," Jaishankar said in a post on X after participating in the first plenary session of the G20 foreign ministers' meeting.

Addressing the gathering, he also flagged the issue of attacks on seafarers and stressed the need to preserve freedom of navigation and ensure cessation of attacks within the framework of international law, especially the United Nations Convention on the Law of the Sea.
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