Finance Minister Nirmala Sitharaman reaffirmed that India will keep purchasing Russian oil, stressing that such decisions are guided solely by national interest. In an interview, she said oil remains India’s largest import component, and choices on sourcing depend on cost, logistics, and overall suitability.
Her remarks come after the US imposed a 50% import tariff on Indian goods from August 27, accusing India of financing Russia’s war in Ukraine through oil purchases. Former US President Donald Trump also warned of “phase-2” and “phase-3” tariffs on nations continuing trade with Moscow.
Sitharaman countered these concerns by highlighting ongoing GST reforms, which she said will ease many tariff-related challenges. She assured industries affected by steep tariffs that support measures and relief packages are being prepared to offset the impact.
