US Edition
India to Keep Buying Russian Oil Despite US Tariff Pressure
India prioritizes economic factors and logistics in its decision to keep importing Russian oil despite US tariffs, with oil comprising a quarter of its overall imports.
- On Friday, Finance Minister Nirmala Sitharaman said India will continue buying Russian oil, emphasizing decisions are guided solely by national interest and remain economical.
- Last month the United States raised tariffs on Indian imports to 50 per cent, effective August 27, while President Donald Trump accused India of buying Russian oil and warned of Phase-2 and Phase-3 tariffs.
- Data show Russian crude makes up a large share of India’s imports, with New Delhi spending more than $47 billion on Russian crude in 2024; Indian Oil Corporation bought two million barrels from West Africa and one million barrels from West Asia, excluding U.S. crude.
- Sitharaman pledged a government package to support firms hit by tariffs and said GST reform would offset concerns as oil imports account for a quarter of India's imports in the fiscal year to March 2025.
- Emphasizing sovereignty, Nirmala Sitharaman said supplier choices depend on rates, logistics and foreign exchange, and India rejected accusations of war profiteering pointing to U.S. and EU hypocrisy.
13 Articles
13 Articles
India will continue to buy Russian oil despite US tariffs, finance minister says
India will continue to buy Russian oil as it proves economical, its finance minister said on Friday, despite the Trump administration s decision to impose heavy import tariffs on Indian goods due, in part, to its energy purchases from Moscow. MORE..
India will 'undoubtedly' keep buying Russian oil, guided by national interest: Sitharaman
The finance minister reiterated that contribution of crude oil to India's import bill is the highest. The minister's statement comes at a time when the Trump has accused India of buying Russian oil thereby funding Ukraine war, and has imposed a 50 per cent tariffs.
Will India continue to buy Russian oil? Sitharaman says ‘yes, our decision where we buy oil from’
India will continue to buy Russian oil as the call for such purchases depends on what suits our interests best, said Union Finance Minister Nirmala Sitharaman in an interview with Network 18.
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