New tensions have emerged in land and sea in Asia as agreements were dishonoured and rule of law disregarded, External Affairs Minister S Jaishankar said on Friday amid China's continuing military posturing along the Line of Actual Control in eastern Ladakh and its bullying tactics in South China Sea.

In an address at an event hosted by the CII, Jaishankar also talked about the power of currency and how "threat of sanctions" are deployed in the "toolbox" of global diplomacy, in remarks that came days after the US warned of sanctions after India and Iran sealed a deal on the Chabahar port.

In a veiled reference to Pakistan, the external affairs minister said terrorism and extremism have started to consume those who have long practised it.

Jaishankar extensively delved into the consequences of the Ukraine conflict, escalation of violence in West Asia and disruption of logistics in view of the geopolitical tensions, sanctions, incidents of drone attacks and climate events.

"The world is experiencing a 3F crisis of fuel, food and fertilisers. In Asia, new tensions have emerged in land and sea as agreements are dishonoured and rule of law disregarded," he said at the annual general meeting of the Confederation of Indian Industries (CII).

"Terrorism and extremism have started to consume those who have long practised it. In many ways, we are actually going through the perfect storm," he said.

"For India, the task is to mitigate its impact on itself and contribute to stabilising the world to the extent possible. It is this judicious combination of 'Bharat First' and 'Vasudhaiva Kutumbakam' that defines our image as 'Vishwa Bandhu'," he said.

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