India's EAM Jaishankar Meets Russian Prez Putin; Defends Russian Oil Imports, Flags Trade Imbalance Amid US Tariff Pressure
India's External Affairs Minister S Jaishankar on Thursday defended India’s continued purchase of Russian oil amid mounting pressure from US President Donald Trump, stating that New Delhi is not the largest importer of Russian energy and that its oil imports from the United States have, in fact, increased.
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| Image Source: EAM Jaishankar |
He noted that China and the European Union are larger buyers of Russian oil and liquefied natural gas, respectively.
“We are not the biggest purchasers of Russian oil -- that is China. We are not the biggest purchasers of LNG -- that is the European Union,” Jaishankar said.
“Incidentally, we also buy oil from the US, and that amount has increased. So honestly, we are very perplexed at the logic of the argument,” he added.
Jaishankar’s remarks come days after President Trump imposed a 25 per cent reciprocal tariff on Indian exports, along with an additional 25 per cent duty on India’s continued purchase of Russian oil, bringing total duties to 50 per cent.
The US administration has maintained that India’s energy trade with Russia undermines Western efforts to isolate Moscow over the Ukraine conflict.
Despite the pressure, both sides reaffirmed their long-standing strategic partnership. Jaishankar called India-Russia relations “one of the steadiest among major global relationships since the Second World War.”
The two ministers reviewed bilateral ties and prepared for the upcoming annual summit later this year.
During the visit, Jaishankar also raised the issue of Indian nationals serving in the Russian army. He confirmed that while some have been released, there are still pending cases and missing persons.
“We hope that the Russian side will expeditiously resolve this,” he said.
The two governments committed to addressing non-tariff barriers and expanding India’s exports to Russia in areas such as agriculture, pharmaceuticals, and textiles.
Jaishankar stressed that balancing the bilateral trade relationship was a key priority, pointing to a growing trade deficit driven largely by energy imports.
India’s bilateral goods trade with Russia has risen more than five-fold, from $3 billion in 2021 to $68 billion in 2024–25. However, the trade deficit has widened sharply, from $6.6 billion to $58.9 billion in the same period.
“This needs to be addressed urgently,” Jaishankar said, while co-chairing the India-Russia Inter-Governmental Commission with Russia’s First Deputy Prime Minister Denis Manturov.
To correct the imbalance, Jaishankar proposed reducing tariff and non-tariff barriers, resolving logistical bottlenecks, and enhancing regional connectivity through the International North-South Transport Corridor, the Northern Sea Route, and the Chennai-Vladivostok maritime corridor.
He also called for early finalisation of the India-Eurasian Economic Union Free Trade Agreement, whose terms were recently agreed upon.
During the three-day visit, Jaishankar also met Russian President Vladimir Putin. He reiterated India’s position on global conflicts, including Ukraine and developments in West Asia, the Middle East and Afghanistan.
“India's approach continues to emphasise dialogue and diplomacy as essential to resolving differences,” he said.
According to the Russian Foreign Ministry, the meetings aimed at strengthening transport, logistics, financial systems, and increasing the use of national currencies in mutual settlements.
Both sides are looking to make these mechanisms resilient against what Moscow termed “adverse pressures from unfriendly countries.”
India and Russia are targeting a revised bilateral trade volume of $100 billion by 2030.