India’s Finance Minister Nirmala Sitharaman said on Friday, September 5, that India will continue to purchase Russian crude oil, despite President Trump’s decision to charge hefty tariffs on Indian goods, partially because of its energy purchases from Moscow.
India took advantage of a concession on Russian crude oil output after Europe and the US shunned the Russian oil over Moscow’s 2022 invasion of Ukraine and became the largest buyer of Russian seaborne oil.
US President Trump, who is trying to end the Ukrainian conflict, said that India’s oil imports are supporting Moscow’s war effort funds and imposed a 50% tariff on India’s imports last month.
FM Sitharam said on the local news channel CNN-News18 that the world’s third-largest importer and consumer, India, had no plans to refrain from Russian exports.Â
During the fiscal year to March 2025, Refined fuels and oil imported from abroad made up nearly a quarter of India’s total imports. Last week, Chinese President Xi Jinping hosted a demonstration of solidarity against the West, which PM Modi attended with Russian President Putin at a summit in Tianjin.
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Prime Minister Modi’s participation in the meetings, referred to by some observers as the “Axis of Upheaval,” included leaders from countries such as North Korea and Myanmar. Some experts interpret this as a result of New Delhi’s deteriorating relationship with Washington. Efforts to negotiate a deal aimed at reducing US tariffs on Indian goods have fallen apart.
Last month, a planned visit by US trade officials to New Delhi was canceled, leading to no in-person meetings since.
