Energy market complex; India is wedded to strategic autonomy: Jaishankar | World News
India will continue to exercise strategic autonomy in foreign and energy policy decisions, External Affairs Minister S Jaishankar said on Saturday, amid questions over whether a recently reached trade deal with the US would affect New Delhi’s purchases of Russian oil.
Speaking at the Munich Security Conference, Jaishankar said India’s independent decision-making remains at the core of its approach.
“We are very committed to strategic autonomy because it is a big part of our history and evolution,” he said.
“This is something very deep and it also cuts across the political spectrum,” he added.
Energy supply decisions driven by market factors: Jaishankar
Responding to the question of whether India can reduce its dependence on Russian oil, Jaishankar said that energy markets are complex and decisions are taken by companies based on commercial concerns.
“When it comes to energy issues, it is a complex market today. Oil companies in India, as in Europe and other parts of the world, look at availability, look at costs, look at risks and make decisions that they think are in their best interests,” he said.
Jaishankar said global conditions are improving and countries are re-evaluating their positions. “A lot of things are changing and a lot of us are doing our calculations and recalculations,” he said.
Jaishankar added that differences between partners are possible, but dialogue continues. “We may not necessarily agree on everything, but if there is a tendency to find common ground and overlaps, I believe it will happen,” he said.
About India’s independent elections, he said: “If the gist of your question is, do I remain independent-minded and make my decisions? And do I sometimes make choices that don’t align with your thinking or anyone else’s thinking, yes, that can happen.”
Jaishankar also met G7 foreign ministers and other counterparts at the conference and reiterated India’s support for the UN80 agenda and underlined New Delhi’s role in global security discussions.
Balancing energy security and diplomacy
India’s position on Russian oil continues to be shaped by the balance between securing affordable energy supplies and managing diplomatic pressure, especially from Western partners. Russia remains a major supplier to India, but its share has fallen to around 27-35 percent from a peak of almost 40 percent last year.
Earlier this month, US President Donald Trump said Prime Minister Narendra Modi was “determined to stop” buying Russian oil as part of a trade deal that reduces US tariffs on Indian goods from 50 percent to 18 percent.
The State Department neither confirmed nor denied the claim. It was stated that India’s approach focuses on diversifying energy sources to ensure the security of 1.4 billion people.
Russian officials, including Foreign Minister Sergei Lavrov, said Moscow had not received official communication from New Delhi about halting the purchases and described Russia as a long-time partner.
