Energy market complex; India is wedded to strategic autonomy: Jaishankar
External Affairs Minister S Jaishankar on Saturday said India will continue to exercise strategic autonomy in its foreign and energy policy decisions, amid questions over whether a recent trade understanding with the United States could affect New Delhi’s purchases of Russian oil.
Speaking at the Munich Security Conference, Jaishankar said India’s independent decision-making remains central to its approach.
“We are very much wedded to strategic autonomy because it is very much a part of our history and our evolution,” he said.
He added, “It is something which is very deep, and it cuts across the political spectrum as well.”
Energy sourcing decisions driven by market factors: Jaishankar
Responding to a question on whether India may reduce its reliance on Russian oil, Jaishankar said energy markets are complex and decisions are taken by companies based on commercial considerations.
“As for energy issues, this is a complex market today. Oil companies in India, as in Europe and in other parts of the world, look at availability, look at costs, look at risks and take decisions that they feel are in their best interest,” he said.
Jaishankar said global conditions are evolving and countries are reassessing their positions. “So many things are changing and so many of us are doing our calculations and recalculations,” he said.
Jaishankar added that differences among partners are possible but dialogue continues. “We would not necessarily agree on everything, but I do believe that if there is an inclination to find common ground and overlaps, that would happen,” he said.
Jaishankar also met G7 foreign ministers and other counterparts at the conference and reiterated India’s support for the UN80 agenda, while underlining New Delhi’s role in global security discussions.
Balancing energy security and diplomacy
India’s position on Russian oil remains shaped by a balance between securing affordable energy supplies and managing diplomatic pressure, particularly from Western partners. Russia continues to be a major supplier to India, though its share has declined to around 27-35 per cent from a peak of nearly 40 per cent last year.
Earlier this month, US President Donald Trump said Prime Minister Narendra Modi had “committed to stop” purchasing Russian oil as part of a trade arrangement that lowered US tariffs on Indian goods from 50 per cent to 18 per cent.
The Ministry of External Affairs has not confirmed or denied the claim. It has said India’s approach focuses on diversifying energy sources to ensure security for 1.4 billion people.
Russian officials, including Foreign Minister Sergei Lavrov, have said Moscow has received no formal communication from New Delhi regarding any halt in purchases and described Russia as a longstanding partner.
