India-Russia Oil Trade: Days after US President Donald Trump's claim that India promised to stop buying Russian crude oil, External Affairs Minister S Jaishankar on Saturday made the government's stance clear on the issue, saying India is very much wedded to its policy of "strategic autonomy" and the country's energy procurement will be driven by factors like costs, risks and availability.

The external affairs minister was responding to a question on whether India will stop buying Russian oil under the provisions of a trade deal and if such a move could impact New Delhi's policy of strategic autonomy.

Indian Oil Companies Take Decisions Based On Their Interest

Jaishankar, while addressing an interactive session alongside German Foreign Minister Johann Wadephul at the Munich Security Conference, said the global energy market is "complex" and India's oil companies will take decisions based on what they consider to be in their best interest.

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"We are very much wedded to strategic autonomy because it is very much a part of our history and our evolution. And it is something which is very deep, it is something which cuts across the political spectrum as well," he said, clearing the air around the issue.

As far as energy issues are concerned, Jaishankar asserted that this is a complex market today.

What Are Key Factors In Oil Import Decisions?

The Union Minister said he thinks the oil companies in India, as in Europe, as probably in other parts of the world, look at availability, look at costs, look at risks and take decisions that they feel are in their best interest.

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Jaishankar said India keeps the option of making independent decisions, without always agreeing with its partners in the West. "We would not necessarily agree on everything, but I do believe that by doing that, and if there is an inclination to find common ground and overlaps, that would happen," he said.

Why Is Jaishankar's Oil Remark Crucial?

India has not yet confirmed or denied Washington's claim that it has committed to stopping the procurement of Russian crude oil. Following a recent phone conversation between Prime Minister Narendra Modi and United States President Donald Trump, both sides announced a reduction of the US tariffs on Indian goods to 18 per cent from 50 per cent. The reduction included the removal of a 25-per cent tariff that Trump had slapped on India in August last year for New Delhi's purchase of Russian oil.

(With PTI inputs)