India's oil imports guided by 'national interests': Foreign Secretary
What's the story
Foreign Secretary Vikram Misri has said that India's oil imports will be guided by "national interests." However, he did not directly address United States President Donald Trump's claim that India has agreed to stop buying Russian oil. The statement comes as the Indian government prepares to brief parliamentarians on trade deals with the European Union and the US, as well as on trade relations with Bangladesh.
Energy strategy
Misri calls energy policy 'rather complex matrix of issues'
Misri said India's energy policy is guided by "adequate availability, fair pricing, and reliability of supply." He called this a "rather complex matrix of issues." However, he did not comment on Trump's recent Executive Order issued on Friday, February 6. The order canceled the punitive tariffs imposed on India but noted that India had begun to stop buying Russian oil. It also threatened to reimpose tariffs if India increased its purchases.
Import strategy
India expected to increase oil imports from US, Venezuela
Despite nearly 25% of India's oil imports still coming from Russia, India is expected to increase imports from other countries such as the US and Venezuela. Reports indicate that India's major refiners have avoided advance orders for April. "Our approach is to maintain multiple sources of supply and diversify them as appropriate to ensure stability. Therefore, I would say that the more diversified we are in this area, the more secure we are," Misri said.
Trade briefing
External Affairs Ministry to brief parliamentary standing committee
On Tuesday, February 10, the External Affairs Ministry will brief the Parliamentary Standing Committee on External Affairs, chaired by senior Congress leader Shashi Tharoor. The ministry has shared details of the EU agreement and trade figures with Bangladesh in a pre-briefing note. It highlighted India's preferential access to European markets under the FTA, covering 97% of tariff lines and 99.5% of trade value.
Trade relations
Ministry hopes for trade ties reset after Bangladesh elections
The ministry also plans to explain the decline in trading ties with Bangladesh due to tensions under the Yunus administration. India's exports to Bangladesh have decreased from $11 billion in 2024-25 to $8 billion so far this year. Meanwhile, the Opposition stepped up its attack over issues, such as the impact on farmers, and the government's refusal to confirm or deny Trump's assertions. The ministry hopes for a reset once an elected government is established after elections on February 12.