ET World Leaders Forum 2025: We will ensure national interest is safeguarded, says EAM S Jaishankar

External affairs minister S Jaishankar questioned the contention by US President Donald Trump and his administration that India has profited unfairly from the purchase and sale of Russian crude, pointing to the irony of such an allegation. “If you have a problem buying oil or refined products from India, don't buy it.

Nobody forces you to buy it. Europe buys, America buys… so (if) you don’t like it, don’t buy it,” he said. “It’s funny to have people who work for a pro-business American administration accusing other people of doing business.” Trump has threatened to double tariffs on Indian goods to 50% over India’s purchases of Russian oil that he said is helping to fund the Ukraine conflict.

At The Economic Times World Leaders Forum in the Capital on Saturday, Jaishankar defended the concept of strategic autonomy that India has adopted.


‘Red Lines in Negotiations Clear
Jaishankar underlined that the country will continue to take decisions independently, even as trade remains a “sticking point” in discussions with the US.

He recalled that when oil prices surged as the Russia-Ukraine conflict kicked off, there was global concern. “In 2022, there was deep nervousness on the international level due to oil prices going up,” he said. “That time, it was said that if India wants to buy Russian oil, let them, because that would stabilise prices… Yes, it is in our national interest but it is also in the global interest.”

When asked if India-China ties are being reset in the backdrop of recent US-India tensions, Jaishankar said the engagement has to be contextualised over a longer period, rather than in terms of news cycles. “It is not correct to integrate our ties with China and US in one space,” he said. “What's happening with China now had its preparation done from October 2024. India-US and India-China ties are different situations and timelines. We have historical problems with China and a stable border is still a prerequisite for development of ties, but trade and relations are important for our industries here.”

Jaishankar said talks during his Russia visit focused on the annual bilateral summit. He happens to be the first foreign minister to visit the Kremlin after the recent summit between Trump and Russian President Vladmir Putin. “We’d like to increase trade with Russia,” he said, while stressing that New Delhi’s position on the Ukraine conflict is clear. “Where India stands is very clear and we want an early end to the Russia-Ukraine issue.”

With regard to India-US ties under Trump, he said, “Right now, there are issues, it is pretty open. But it’s not like we never had issues before. Other parts of the relationship are strong.” However, the external affairs minister said dialogue channels remain active despite differences. “We are two big countries, we need to have conversations and we will see how it goes.”

On trade talks with the US, Jaishankar said the two sides are in touch but India’s position is firm. Since the 50% tariff threat by Trump, the US has deferred the visit of its team to India for negotiating the bilateral trade agreement (BTA). He reiterated that India will ensure national interest is safeguarded and that the Centre will protect the interests of its people. “We have red lines in the negotiations, and we have to be clear about them,” he said. “We are committed to protecting the interests of farmers and small businesses.”