India Stands Firm on Russian Oil Imports Amid U.S. Tariffs

In a bold statement on Friday, Union Finance Minister Nirmala Sitharaman declared that India would persist in purchasing Russian oil. Sitharaman emphasized that decisions regarding oil imports are driven by national interest, focusing on rates and logistics that benefit the country.

This affirmation comes at a contentious time, as U.S. President Donald Trump has accused India of funding the Ukraine war through its purchases of Russian oil. In response, the United States has imposed a steep 50 percent import tariff, effective from August 27, to deter these transactions.

Trump further warned of potential actions, suggesting additional phases of tariffs against nations keeping trade ties with Russia. Despite this, Sitharaman assured support for affected industries and highlighted reforms, like GST, aiming to mitigate tariff impacts. The Economic Affairs Minister assured industry stakeholders of substantial government support.

(With inputs from agencies.)