Ukraine crisis: Crude oil surge a challenge to financial stability, says FM

Union Finance Minister Nirmala Sitharaman on Tuesday said rising crude oil prices amid escalating Ukraine-Russia tensions posed a challenge to India’s financial stability and the government was monitoring the situation.

“Even at the Financial Stability and Development Council (meeting) today (Tuesday), (we looked) at the challenges that posed a threat to financial stability, crude (oil) was one of the things. The international situation is worrisome where we voiced that we want a diplomatic solution for the situation that is developing in Ukraine.”

“Crude (is) one of the most important considerations … we will keep a watch,” she said while interacting with the media.