‘Go by what markets offer’: India responds to Trump threats on buying Russian oil

India bases its oil purchases on global market offerings to meet its energy needs, Ministry of External Affairs (MEA) Spokesperson Randhir Jaiswal said on Friday, August 1.

“You are aware of our broad approach to energy sourcing requirements, that we look at what is available in the market and the prevailing global situation,” Randhir told reporters during a press briefing in New Delhi.

The remarks come in response to questions asked on United States President Donald Trump imposing 25% tariffs along with additional penalties on imports from India stating that India buys oil from Russia despite the concern being raised.
Earlier, the government sources told CNBC-TV18 that national interest are the key priority in all trade talks stating that India cannot compromise on agriculture and dairy in any circumstances.

“Cannot compromise on interests of farmers which are a large section of the Indian population, as the farmers depends on subsistence farming,” sources said. “Need to respect religious sentiments and interests of dairy farmers.”

Read more: India eyes trade expansion with Latin America across two dozen countries

The government would, however, continue to negotiate the Bilateral Trade Agreement (BTA) with US in light of the larger robust strategic partnership.

“India has a strong energy partnership with US under India-US Compact initiative. India takes decisions on energy imports based on geopolitical developments and market conditions,” the sources added.

The MEA official declined to comment on Trump’s remarks on India buying oil from Pakistan someday, adding that India is analysing the implications of the Trump’s tariffs.

“We have taken note of the sanctions and we are looking into it. About the query of proposed oil… I have no comments to offer in this particular matter,” Jaiswal said.

Jaiswal further said that India and the United States share a comprehensive global strategic partnership anchored in shared interests, democratic values, and robust people-to-people ties. The India-US partnership has weathered several transitions and challenges.

Read more: RBI rate cut likely in October, more may follow if inflation dips: Morgan Stanley economist

“We remain focused on the substantive agenda that our two countries have committed to. Indian government is confident that the relationship will continue to move forward,” he said.

“Our ties with any country stand on their merit and should not be seen from the prism of a third country. As far as India-Russia relations are concerned, we have a steady and time-tested partnership,” Jaiswal added.