External Affairs Minister S. Jaishankar justified India's energy relationship with Russia on Saturday, stating that the oil imports from Russia serve India's national priorities and the interest of the world.
Having a conversation with the Economic Times World Leaders Forum (ET WLF), he noted that India will retain its autonomy of decision-making while the trade issues remain difficult to address in discussions with the US.
The minister was emphatic on energy security. “"It's funny to have people who work for a pro-business American administration accusing other people of doing business. If you have a problem buying oil or refined products from India, don't buy it. Nobody forces you to buy it. Europe buys, America buys, so you don't like it, don't buy it,” he said, responding to criticism of India’s purchases of Russian crude.
He noted that in 2022, when oil prices surged, there was global concern. “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 added.
Jaishankar said India’s purchases were intended to calm the markets as well. “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 said.
On India’s ties with Moscow, Jaishankar said talks during his Russia visit after the Alaska meeting focused heavily on the two sides’ annual bilateral engagement. “We’d like to increase trade with Russia,” he said, while stressing that New Delhi’s position on the Ukraine conflict is clear. “Where India stands is very clear and we want an early end to the Russia-Ukraine issue.”
Jaishankar noted that India's relationship with key powers (like the US and China) has fluctuation in cooperation and tension, yet they have remained positive overall, noting that "Right now there are issues, it is pretty open, but it's not like we never had issues before, the other parts of the relationship are really strong."
Jaishankar also pointed to other kinds of differences in US - foreign policy style, saying that while he did not think President Donald Trump was not typical, he did note that under Obama, the US had also suggested a "G2" (became) arrangement with China.
On the topic of on-going trade talks with the US, Jaishankar stated that negotiating was going on, but India is still holding an attractive position.
“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.
On India–US ties, Jaishankar said dialogue channels remain active despite differences. “We are two big countries, we need to have conversations and we will see how it goes,” he said.
