Russia-Ukraine Crisis: Nirmala Sitharaman To Hold Talks With PM Modi Over Economic Impact

New Delhi: Finance Minister Nirmala Sitharaman on Thursday asserted that she would be meeting Prime Minister Narendra Modi to discuss the situation coming to the fore due to Russia-Ukraine conflict.

She said this on the sidelines of an event.

Interestingly, amid the tension between Russia and Ukraine, the prices of crude oil rose to $100 a barrel for the first time since 2014.

Russia is the world's second largest oil producer, selling crude mainly to European refineries, and the largest supplier of natural gas to Europe, sending about 35% of its supply.

According to Reuters report, Brent crude hit a high of $101.34 a barrel in early Asia trade, the highest since September 2014. U.S. West Texas Intermediate (WTI) crude futures jumped $4.22, or 4.6 per cent, to $96.32 a barrel, after rising to as much as $96.51, also the highest since August 2014.

Apart from these, Indian benchmark indices on Thursday witnessed a huge decline following the Russia's military action against Ukraine.

The Bombay Stock Exchange (BSE) fell up to 2,000 points during trading. At 1.25 in the afternoon, it was trading at 55,282.30 with a fall of 1949.76 i.e. 3.41% while Nifty too witness downfall as it trading at 16,461 points, down 602.25 points or 3.53%.

All 30 stocks of Sensex are on red mark and Tata Steel has suffered the most and it declined up to 3.81 per cent in early trade.

Sitharaman on Tuesday had said that sudden jump in crude oil prices amid escalating tension between Ukraine and Russia, pose threat to India's financial stability and the government is closely monitoring the situation.

''The situation is worrisome and India has called for a diplomatic solution to the Ukraine-Russia crisis,'' she added.

Commenting further on challenges posed by the rise in crude oil prices to the Indian economy, the Finance Minister had said, '' As of now we can't say how it will go. Even in the FSDC meeting today, we were looking at the challenges which are posed for the financial stability, crude was one of the things''.

Also read: Amid Russia-Ukraine Crisis, Crude Oil Hits $100 Mark For First Time Since 2014

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