06 September 2025 , 19:33
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New Delhi will continue to buy Russian oil despite facing heavy U.S. tariffs for doing so, Indian Finance Minister Nirmala Sitharaman said on Sept. 5.
"Whether it is Russian oil or anything else, it’s our decision to buy from the place which suits our needs, whether in terms of rates, logistics, anything," she told local media.
Kyiv and its allies have sought to reduce Russia’s oil revenues, which directly fund its war against Ukraine, as the Kremlin refuses to engage in diplomatic means to cease hostilities.
Washington imposed 50% tariffs on India for its continued import of Russian oil as U.S. President Donald Trump threatened to impose secondary sanctions on Russia’s trading partners if Moscow fails to make progress towards peace.
"We will have to take a call which (source) suits us the best. So we will undoubtedly be buying" Russian oil, Sitharaman said.
India has continued to purchase oil from Moscow at a discount as Russia faces isolation from the West over its war against Ukraine.
Moscow has relied on trading with China and India as the formerly lucrative European market cuts off supplies of Russian oil.
Meanwhile, Russia’s economy has reached a point of "technical stagnation," German Gref, the head of the country’s biggest bank, Sberbank, said on Sept. 3.
Russian President Vladimir Putin will visit India in December of this year, the Kremlin said on Aug. 29 amid Trump’s mounting pressure on New Delhi over continued energy ties with Moscow.
India accounted for 38% of Russian crude oil exports and 19% of Russia’s coal exports in the period from December 2022 until the end of June 2025, according to the Center for Research on Clean Energy and Clean Air.
Trump has intensified efforts to broker a peace deal to end Russia’s war against Ukraine, but has seen no success thus far.
Politics Editor