Minister of External Affairs S. Jaishankar has defended India’s continued purchase of oil from Russia, emphasizing the strategic importance of these transactions for both India and the global economy. Jaishankar addressed criticism from the US and other Western nations, asserting India’s sovereign right to pursue its energy security interests independently. He challenged those who disapprove of India’s trade practices to refrain from engaging in them, pointing out that many other countries also import Russian oil. The comments come amid trade disputes between India and the US, with the latter imposing tariffs in part due to India’s Russian oil imports. Jaishankar stated that India’s oil purchases in 2022 helped stabilize the global market during a period of soaring prices, thus benefitting the international community. Jaishankar was in Russia from August 19th to 21st where he co-chaired the 26th session of the India-Russia International Commission on Trade, Economic, Scientific, Technological, and Cultural Cooperation (IRIGC-TEC). He also discussed the desire to increase trade with Russia and reaffirmed India’s stance on the Russia-Ukraine conflict, advocating for a rapid solution.
Jaishankar also noted that discussions with the US on trade continue, while India maintains a firm position, especially in protecting the interests of its farmers and small businesses. He also discussed the evolving relationship between the US and China and the shifts in US foreign policy over time.