Buying Russian oil amid Iran war would be strategic blunder for Europe: EU President Ursula von der Leyen

European Commission president Ursula von der ​Leyen said ⁠on Wednesday that approaching Russia for alternative sources of fuel amid west Asia crisis would be a strategic blunder for Europe. During her speech in European Parliament, she said - "In the current crisis, some argue that we ⁠should ‌abandon our long-term strategy and even go ‌back to Russian ⁠fossil fuels. This would be a strategic ‌blunder."

Her remarks come as oil prices are soaring after oil producing countries have slashed production and the Strait of Hormuz, which handles the world's 20 per cent oil and gas supply, remains closed due to the Iran war.

Von der Leyen has said that the EU was ⁠preparing ⁠options to lower energy prices, including the better use of power purchasing agreements, state aid measures and ​gas price subsidies or ​caps.

On Monday, Russian President Vladimir Putin had acknowledged the energy crisis and said that he is ready to resume oil and gas supply to European nations.

Crude oil prices reached as high as $120 per barrel on Monday but dropped to around $90 after US President Donald Trump said that the Iran war is close to end.

Meanwhile, Trump doesn't seem hesitant about Russia considering his administration has offered India a 30-day waiver to purchase Russian oil. India was once slapped 50 per cent tariff for buying Russian oil, which Trump said was funding Putin's war machine in Ukraine. This tariff was then lowered to 18 per cent after US claimed that India agreed to stop the oil trade with Moscow.

"India has been a great partner in maintaining stable oil prices around the world. The United States recognizes ongoing purchases of Russian oil are a part of this effort. India is one of the largest consumers and refiners of oil and it is essential for the United States and India to work hand in hand for market stability for Americans and Indians," US Ambassador to India Sergio Gor posted on X.

(With agency inputs)