India is one of Russia’s biggest energy buyers. Can it also help broker peace with Ukraine?

India is increasingly taking on a more active role in the Russia-Ukraine peace process, according to India's Foreign Minister Subrahmanyam Jaishankar. Speaking at the Munich Security Conference, Jaishankar revealed that New Delhi has initiated talks with both Russia and Ukraine regarding various issues, including Black Sea shipping safety, grain exports, energy exports, and non-attack possibilities.

Jaishankar emphasized that India views Russia, as the Soviet Union's successor, as a traditional partner that has historically aided India in its conflicts, particularly with Pakistan. Indian Prime Minister Narendra Modi has engaged with Russian President Vladimir Putin on the war situation twice in recent weeks, with Modi reportedly offering "good offices" to help achieve a peaceful resolution.

Ukrainian Foreign Minister Andrii Sybiha mentioned on October 1 that four international mediators, including India, have proposed a peaceful settlement, claiming that India's proposal is the most comprehensive, marking India's first involvement in such peace efforts. India and China are now the top purchasers of Russian energy, with Russian energy imports to India skyrocketing since the start of the war.

Despite intense pressure from the U.S. to cease Russian oil purchases in exchange for lifting tariffs, India has continued buying Russian energy, resuming imports after the conflict in the Middle East and energy shortages. Both India and China are seeking to negotiate a trade deal with the U.S., but recent U.S. legislation, known as the "sanctions from hell" law, threatens to significantly increase tariffs on countries importing substantial amounts of Russian oil, potentially including India.