India to keep buying Russian crude oil: FM Sitharaman

Finance Minister Nirmala Sitharaman stated on Friday that despite growing pressure from the United States and the recently imposed tariffs, India will continue to import crude oil from Russia.

She stressed that the country’s energy policies are guided by national interests and economic considerations rather than external demands.

Speaking with CNN-News18, Sitharaman explained that India would procure oil and other resources from sources that best suit its pricing, logistics, and supply security needs. She pointed out that crude oil is a significant component of foreign exchange expenditure and said the government would act in the nation’s best interest, making it clear that purchases from Russia would continue.

Her remarks came in response to U.S. President Donald Trump’s decision to impose a 50 per cent tariff on Indian goods, alleging that New Delhi’s continued oil imports from Moscow indirectly support Russia’s war in Ukraine, TNIE reported.

Sitharaman also highlighted that India’s recent GST reforms, aimed at simplifying the tax structure and lowering indirect tax rates, would help mitigate the impact of these tariffs. Additionally, the government is preparing targeted relief measures for sectors most affected by the U.S. action.

Meanwhile, Trump reiterated his criticism in a Truth Social post, reacting strongly to Prime Minister Narendra Modi and Russian President Vladimir Putin’s participation in an event in Tianjin hosted by Chinese President Xi Jinping.

“Looks like we’ve lost India and Russia to deepest, darkest China. May they have a long and prosperous future together!” he wrote.