Foreign Minister S. Jaishankar.
New Delhi: India dismissed the US allegation outright that India is doing ‘profiteering’ by purchasing cheap crude oil from Russia. Foreign Minister S. Jaishankar clearly said on Saturday that India’s purchasing oil from Russia is not only in the interest of its country, but is also necessary to keep the global market stable. Jayashankar, while replying to the Economic Times World Leaders Forum America in New Delhi, said, ‘If you have difficulty in buying oil or refined petroleum from India, do not buy. Nobody is forcing you. ‘
‘US administration is accused of doing business on others’
In fact, the White House business advisor Peter Navarro recently accused India of buying cheaper oil from Russia and refining it and selling it at high prices in Europe and elsewhere. Navaro called it a ‘scheme of profitable’. On this, Jaishankar taunted, saying, “It is very strange that a supporter of business American administration is blaming others of doing business.” Jaishankar questioned that China is the highest buying country from Russia and the most LNG (liquidized natural gas) buying European Union, but no one raises a finger on them.
‘Is Europe not putting money in Putin’s treasury?’
Jaishankar said, ‘People say that we are funding the Russia-Ukraine war or putting money in Putin’s treasury. But the trade of Russia and the European Union is more than India-Russia trade. So is Europe not putting money in Putin’s treasury? ‘ The Foreign Minister admitted that India has increased oil purchases from Russia in the last few years. He said, ‘This is our right. We call it our strategic autonomy. We are buying oil from Russia so that the global oil market remains stable. This is in the interest of our country and we never hidden it. But it is also in global interest.
‘Russia has become India’s largest oil supplier’
Jaishankar said that in 2019-20, Russia’s share in India’s total oil imports was only 1.7 percent, which increased to 35.1 percent in 2024-25. Now Russia has become India’s largest oil supplier. The change came when Western countries banned Russia after the Russia’s attack on Ukraine in 2022 and stopped buying its oil. After this, India started buying oil from Russia at cheap prices. Jaishankar revealed that India had spoke openly to the previous US administration on the issue of buying oil from Russia. He said, “At that time the US administration had clearly stated that they have no problem with buying India’s oil.”
‘You admitted that the oil trade with Russia is going on’
Jayashankar, referring to the price cap (price cap) imposed on Russian oil by G7 countries, said, “When you made a price cap, it means that you admitted that the oil trade with Russia is going on. Otherwise the price cap does not require. Jaishankar said that there was concern all over the world due to the rise in oil prices in 2022. At that time, India had talked about the issue several times with the US administration. He said, ‘There was global nervousness about oil prices. We helped to stabilize the market by buying oil from Russia. (PTI)
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