Energy Trade Increasingly Restrictive, Principles Applied Selectively, Says Jaishankar

New Delhi: External affairs minister S. Jaishankar on Monday (October 27) said energy trade was becoming increasingly restrictive and warned that principles were being applied selectively in global markets.

Delivering India’s national statement at the East Asia Summit in Kuala Lumpur, Jaishankar referred to the closing down of protective barriers in the global economy.

“There are growing concerns about the reliability of supply chains and access to markets. Technology advancement has become very competitive; the quest for natural resources even more so. Energy trade is increasingly constricted, with resulting market distortions. Principles are applied selectively and what is preached is not necessarily practiced,” he said.

India currently faces some of the highest tariffs imposed by the US administration on its exports to the American market – 25% under so-called “reciprocal” measures and another 25% as "penalty" over the purchase of Russian oil.

India has, in the past, accused the United States of applying double standards by imposing tariffs on countries purchasing Russian oil, while Washington and several European nations continue to import Russian energy and other resources.

Last week, the US and the European Union imposed sanctions on Russia’s main oil suppliers, Rosneft and Lukoil. Following this, Reliance Industries, which has a long-term supply agreement with Rosneft, said it was “recalibrating” its Russian oil purchases and would remain “fully aligned to Government of India guidelines.”

US President Donald Trump had claimed that Indian Prime Minister Narendra Modi had assured that India was to draw down its imports of Russian oil.  The Ministry of External Affairs neither confirmed nor denied such an assurance, but said India was already “diversifying” its sourcing.

Jaishankar said the shifting global environment was compelling countries to adapt. “Change has a life of its own,” he said, adding that “multipolarity is not just here to stay but to grow.” He said the world would respond to new realities through “fresh understandings” and “resilient solutions”, calling for “serious global conversations” on technology, competitiveness, connectivity and mobility.

Referring to ongoing conflicts, Jaishankar said they had “significant repercussions, near and far,” leading to human suffering and undermining food and energy security. “India welcomes the Gaza peace plan. We also seek an early end to the conflict in Ukraine,” he said.

On security issues, he said terrorism remained a “continuous and corrosive threat.”

“The world must display zero tolerance; there is no room for ambivalence. Our right of defence against terrorism can never be compromised,” he added.

Reaffirming India’s commitment to ASEAN-led mechanisms, Jaishankar announced that 2026 would be observed as the ASEAN-India Year of Maritime Cooperation and proposed hosting an EAS Maritime Heritage Festival at the ancient port of Lothal in Gujarat, along with the 7th EAS Conference on Maritime Security Cooperation.

On Myanmar, Jaishankar said India had acted as a “first responder” following the March earthquake and that work continued on the India-Myanmar-Thailand Trilateral Highway project. He also expressed concern about cyber scam centres in the region that had “entrapped our nationals.”

Jaishankar represented India at the summit in place of Prime Minister Narendra Modi, who skipped the event in a rare absence.

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