‘Indias Oil Procurement Based On National Interest’: Jaishankar After India-US Trade Deal

Last Updated:February 14, 2026, 22:56 IST

S Jaishankar said that oil companies in India, Europe and elsewhere make purchasing decisions based on market factors and what best serves their interests.

External Affairs Minister S Jaishankar has once again reiterated New Delhi’s position on procuring oil from Russia saying that oil purchasing decisions are based on market factors and what best serves the nation’s interests.

While speaking at the Munich Security Conference 2026, where he participated in a roundtable discussion titled ‘Delhi Decides: Mapping India’s Policy Calculus’ hosted by Ananta Aspen, Jaishankar spoke about the the issue of Russian oil imports, and said that oil companies in India, Europe and elsewhere make purchasing decisions based on market factors and what best serves their interests.

Jaishankar also reiterated India’s stance that it retains the right to act in accordance with its national priorities. He also underlined that the government will continue to exercise strategic autonomy in determining its energy security policies.

His remarks came days after US reportedly offered India to resume purchases of Venezuelan crude as Washington looks to redirect supplies and curb Russian oil revenues. After the announcement of the India-US trade deal, India now finds itself balancing between two major crude suppliers, Russia and Venezuela.

The US announced a cut in tariffs on Indian goods from 50% to 18%, contingent upon India’s commitment to halt purchases of Russian crude and explore other sources, including Venezuelan oil. While Indian officials have acknowledged ongoing discussions, final policy decisions on volumes and contracts are yet to be formalised.

Donald Trump imposed 25 per cent tariffs in March 2025 on countries purchasing Venezuelan crude, including India, while escalating action against Venezuela and its leader, Nicolas Maduro, whom US forces captured on January 3.

Since then, Washington has begun directing Caracas’ government and plans to oversee the country’s oil industry indefinitely, the Reuters sources said.

The effort to steer Venezuelan oil toward India is also tied to US attempts to reduce Russian export revenues funding the war in Ukraine.

Meanwhile, Trump hailed a dramatic shift in Venezuela, saying that oil is beginning to flow again and that relations with the country are “extraordinary" under its current leadership. His remarks come after US launched strikes in Venezuela that resulted in the capture of longtime leader Nicolas Maduro, who was flown to New York to face federal charges.

Meanwhile, the Kremlin said that India is free to buy oil from any country, and there is nothing new in its decision to diversify crude suppliers.

Kremlin spokesman Dmitry Peskov said Russia was not the only supplier of oil and petroleum products to India and never had been. “India has always purchased these products from other countries. Therefore, we see nothing new here," he told.

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