Amidst ongoing tensions between India and the US on trade deal stalemate and the former’s continued Russia crude oil purchases, external affairs minister S Jaishankar has made it cleat that India’s policies will be in its national interest.At the Economic Times World Leadership Forum S Jaishankar sent a clear message that India is buying crude oil from Russia both for its national interest and also in global interest.Acknowledging issues in trade deal talks with the Donald Trump administration, Jaishankar said that India has its ‘red lines’.US President Donald Trump has imposed a 25% tariff on India effective August 7 for Indian goods exported to America. An additional 25% tariff for India’s crude oil trade with Russia is expected to be effective August 27 onwards.
India’s crude oil trade with Russia: ‘If you don’t like it, don’t buy it’
Jaishankar offered a robust defence of the India’s energy relationship with Russia on Saturday, asserting that the oil procurement serves both national and international interests.Regarding crude procurement and restrictions, Jaishankar said, “It is presented as an oil issue but it’s still not applied to the largest importer, China. Arguments used to target India have not been applied to China.” He emphasised that India maintains independent decision-making abilities and noted, “At the end of it all, we make decisions that are in national interest.”Addressing the energy security matter decisively, he said, “If you don’t like it, don’t buy it. But Europe buys, America buys. If you don’t like it, don’t buy from us,” in response to criticism regarding India’s Russian crude purchases.Reflecting on the last few year’s developments, he recalled that 2022 witnessed widespread anxiety over escalating oil prices. “In 2022, there was deep nervousness on the international level due to oil prices going up. That time, it was said that if India wants to buy Russian oil, let them, because that would stabilise prices,” he elaborated.
Who bought Russia’s fossil fuels after EU bans
India’s oil purchases serve both domestic and international market stability, according to Jaishankar. “We are buying oil to stabilise the oil prices. Yes, it is in our national interest but it is also in a global interest,” he explained.Jaishankar’s recent visit to Russia centred on yearly bilateral discussions between the nations. “We’d like to increase trade with Russia,” he said, whilst emphasising India’s unambiguous stance regarding the Ukraine situation. “Where India stands is very clear and we want an early end to the Russia-Ukraine issue.”Also Read | Over 20% of Russia’s war-period crude exports! India bought about Rs 13.39 lakh crore in Russian oil; trails China’s Rs 193 billion
Jaishankar confirms ongoing US-India trade deal discussions
Jaishankar acknowledged that India’s dealings with major nations, including the US and China, have experienced periods of collaboration and disagreement, whilst maintaining an overall positive direction. “Right now there are issues, it is pretty open, but it’s not like we never had issues before. Other parts of the relationship are strong,” he said.He highlighted the distinctions in American diplomatic strategies, noting President Donald Trump’s unconventional approach and referenced the previous Obama administration’s proposal for a “G2” arrangement with China.Regarding current trade discussions with the US, Jaishankar confirmed that talks continue whilst India maintains its stance. “We have red lines in the negotiations, and we have to be clear about them. We are committed to protecting the interests of farmers and small businesses,” he said.Speaking about India-US relations, Jaishankar confirmed that communication channels remain functional despite disagreements. “We are two big countries, we need to have conversations and we will see how it goes,” he said.Also Read | ‘If West criticises, you are doing right..’: Russia slams Trump’s 25% penal tariffs on India – 10 hard-hitting statements for reality check to US
