Energy trade: Jaishankar takes a veiled dig at West for ‘not preaching what they practice’

External Affairs Minister S Jaishankar at the 20th East Asia Summit, in Kuala Lumpur on Monday.
| Photo Credit:
ANI

In an indirect criticism of the West’s sanctions on oil trade, External Affairs Minister S Jaishankar said energy trade was increasingly constricted, leading to market distortions and what was being preached was not necessarily practiced.

The world will respond with fresh understandings, new opportunities and resilient solutions, the Minister predicted in his address at the 20th East Asia Summit (EAS) in Kuala Lumpur on Monday.

“Energy trade is increasingly constricted, with resulting market distortions. Principles are applied selectively and what is preached is not necessarily practiced,” the Minister said at the East Asia Summit in Kuala Lumpur.

Last week, the US sanctioned Russian oil companies Rosneft and Lukoil, forcing Indian companies to recalibrate their sourcing plans from Moscow. India sources close to 40 per cent of its oil imports from Russia, as the country offers it steep discounts, of which a substantial part is supplied by the two companies that are now facing US sanctions. Some countries like Germany are already planning to seek an exemption from the sanctions.

“..the world will inevitably respond to new circumstances. Adjustments will be made, calculations will come into play, fresh understandings will be forged, new opportunities will emerge, and resilient solutions will be devised,” said Jaishankar.

Multipolarity

The realities of technology, competitiveness, market size, digitisation, connectivity, talent and mobility cannot be ignored, pointed out the Minister. “Multipolarity is not just here to stay but to grow. All these warrant serious global conversations,” he said.

On the ongoing wars and conflicts, Jaishankar said that they have significant repercussions including on food security, trade and energy flows. “India, therefore, welcomes the Gaza peace plan. We also seek an early end to the conflict in Ukraine,” he said.

India fully supports the activities of the EAS and its future directions, Jaishankar noted. He said  2026 will be observed as the ASEAN-India year of maritime cooperation. “We wish to propose an EAS Maritime Heritage Festival to be held in the ancient port of Lothal in Gujarat. We also intend to host the 7th EAS Conference on Maritime Security Cooperation,” he said.

Published on October 27, 2025