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New Delhi: India has completely rejected America’s (America’s) allegation that India is ‘profiteering’ by buying cheap crude oil from Russia. External Affairs Minister S. Jaishankar clearly said on Saturday that India’s purchase of oil from Russia is not only in the interest of its country, but is also necessary to keep the global market stable. Giving a blunt reply to America at the Economic Times World Leaders Forum in New Delhi, Jaishankar said, ‘If you have a problem buying oil or refined petroleum from India, then don’t buy it. No one is forcing you.’
‘The US administration is accusing others of doing business’
In fact, White House trade advisor Peter Navarro had recently accused India of buying cheap oil from Russia, refining it and selling it at high prices in Europe and elsewhere. Navarro had termed it a ‘profiteering scheme’. On this, Jaishankar took a dig and said, ‘It is very strange that a business-friendly US administration is accusing others of doing business.’ Jaishankar raised the question that the country that buys the most crude oil from Russia is China and the European Union that buys the most LNG (liquefied natural gas), but no one points a finger at 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 between Russia and the European Union is much more than the 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 there is stability in the global oil market. This is in the interest of our country and we have never hidden it. But it is also in global interest.’
‘Russia has become India’s largest oil supplier’
Jaishankar said that Russia’s share in India’s total oil imports was only 1.7 percent in 2019-20, which increased to 35.1 percent in 2024-25. Now Russia has become India’s largest oil supplier. This change came when Western countries imposed sanctions on Russia after Russia’s attack on Ukraine in 2022 and stopped buying its oil. After this India started buying oil from Russia at cheaper prices. Jaishankar revealed that India had openly talked to the previous US administration on the issue of buying oil from Russia. He said, ‘At that time the US administration had clearly said that they have no problem with India buying oil.’
‘You admitted that oil trade is going on with Russia’
Referring to the price cap imposed by the G7 countries on Russian oil, Jaishankar said, ‘When you made a price cap, it means that you admitted that oil trade is going on with Russia. Otherwise there would have been no need for a price cap.’ Jaishankar said that there was concern all over the world due to rising oil prices in 2022. At that time, India had talked about this issue with the US administration several times. He said, ‘There was global panic about oil prices. We helped stabilize the market by buying oil from Russia.’
