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

Brent crude prices shot up to $99.1/barrel from $96/barrel on Monday after the Russia-Ukraine crisis deepened, but it fell to $97.86

Nirmala Sitharaman, Finance Minister
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Union Finance Minister Nirmala Sitharaman

Abhijit Lele Mumbai
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

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First Published: Feb 23 2022 | 12:20 AM IST

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