Necessity Compelled By Global Market Conditions: Jaishankar On India Buying Russian Oil

S Jaishankar stresses the need for a fair multipolar global order, responding to US tariffs on imports and highlighting India's position amid trade tensions.

External Affairs Minister Dr. S Jaishankar on Monday emphasised the importance of a fair and multipolar global order, highlighting that it should not be dominated by a select few. His comments come amid Donald Trump's tariff strategy aimed at pressuring countries to align with US trade policies.

The timing of Jaishankar's remarks is crucial as the world grapples with Trump's unilateral tariffs on various nations, which are being coerced into signing trade deals with the US or facing export levies. "We live in complicated and uncertain times. Our collective desire is to see a fair and representative global order, not one dominated by a few," Jaishankar stated at the BIMSTEC Traditional Music Festival in New Delhi.

US Tariffs on India

In an escalation of the trade conflict, the US imposed 25% tariffs on Indian imports and added penalties for India's purchase of Russian oil and defence equipment. Trump announced plans to increase tariffs further, criticising India's continued acquisition of Russian energy resources.

Trump accused India of "buying massive amounts of Russian oil and selling it on the open market for big profits." He declared, "Because of this, I will be substantially raising the Tariff paid by India to the US."

India's Response

India swiftly responded to Trump's threats regarding its Russian oil purchases, labelling the new tariffs as "unjustified and unreasonable." The Ministry of External Affairs (MEA) highlighted that India's crude oil imports from Russia are driven by global market conditions rather than political support for Moscow.

The MEA also pointed out the hypocrisy in US-EU actions, noting that both continue trading with Russia despite publicly opposing the Ukraine war. The European Union's trade with Russia amounted to €67.5 billion in goods and €17.2 billion in services, far exceeding India's trade volume with Russia.

The Ministry stressed that India will take all necessary steps to protect its national interests and economic security. It also noted that America continues importing uranium hexafluoride from Russia for its nuclear industry.

Jaishankar further elaborated on how traditions play a vital role in defining identity and providing strength for nations like India. He remarked, "Traditions are of particular value because ultimately they define identity. We must be assured about what we are if we want to be confident about shaping the future."

This ongoing trade tension underscores the complexities of international relations today. As countries navigate these challenges, maintaining a balanced approach becomes essential for fostering global cooperation and stability.