External Affairs Minister S. Jaishankar has once again underlined that India will take decisions only in its national interest, even if they don’t align with the expectations of other countries. He said that if USA and European countries don’t like Russian oil, they should not buy petrochemical products from India which are derived by refining Russian crude oil.
Speaking at the Economic Times World Leadership Forum, he defended India’s continued imports of Russian crude oil while also admitting that trade talks with the United States remain stuck on key issues. Jaishankar made it clear that India’s decision to buy oil from Russia is both in its own interest and in the global interest. “At the end of it all, we make decisions that are in national interest,” he said, adding that energy security is non-negotiable for a growing economy like India.
Taking on criticism from Western countries, Jaishankar said India’s oil trade should not be singled out. “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 pointed out.
He also issued a blunt response to those questioning India’s stance. “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,” he remarked.
#WATCH | Delhi: At The Economic Times World Leaders Forum 2025, EAM Dr S Jaishankar says, "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… pic.twitter.com/rXW9kCcVuv
— ANI (@ANI) August 23, 2025
Jaishankar reminded the audience that when global oil prices were shooting up in 2022, many nations had no problem with India purchasing Russian oil because it helped keep prices in check. “That time, people said if India wants to buy Russian oil, let them, because it would stabilise prices,” he recalled.
Responding to American allegation of India making profits by selling petrochemical products refined from Russian oil, he said that it was funny that a pro-business administration is accusing India of doing business.
Why India buys Russian oil
Explaining India’s position further, Jaishankar said that crude oil purchases from Russia not only support India’s domestic needs but also help keep international prices stable. “Yes, it is in our national interest, but it is also in global interest,” he said.
He recently visited Russia for annual bilateral talks, where discussions included expanding trade. Meanwhile, Jaishankar reaffirmed that India’s stand on the Russian-Ukrainian conflict is clear-cut. “We desire an early cessation of hostilities,” he mentioned, reiterating that India desires peace while managing its economic interests.
Jaishankar confirms ongoing US-India trade deal discussions
In addition to the oil issue, Jaishankar also addressed the issue of trade relations with the United States, which has hit a roadblock after Trump administration’s demand for more concessions from India. He admitted that the negotiations are not making progress but asserted that talks for a trade deal are ongoing.
“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,” Jaishankar said.
The Trump administration has imposed a 25% tariff on Indian goods exported to the US, effective from 7th August. Another 25% tariff on India’s crude oil trade with Russia is expected to take effect from 27th August.
Jaishankar said that while India is willing to talk, it has ‘red lines’ in negotiations. “We are committed to protecting the interests of farmers and small businesses,” he explained.
India–US relations beyond trade
Despite the differences, Jaishankar described India–US ties as broadly positive. “We are two big countries; we need to have conversations, and we will see how it goes,” he said.
#WATCH | Delhi: At The Economic Times World Leaders Forum 2025, EAM Dr S Jaishankar says, "Negotiations (India-US trade negotiations) are still going on. But the bottom line is we have some red lines. Negotiations are still going on in the sense that nobody said the negotiations… pic.twitter.com/deCHoeDSrx
— ANI (@ANI) August 23, 2025
He noted that every American administration has had its own approach. “President Trump’s style is unconventional. Earlier, under President Obama, there was even a proposal for a ‘G2’ arrangement with China,” he said, highlighting that ups and downs in diplomacy are natural.
Despite tensions on tariffs and oil imports, Jaishankar assured that India and the US are still engaged. “Communication channels are open,” he added, stating that coordination remains in other fields despite differences on trade and energy policies.