India will continue to buy Russian oil as required, says FM Sitharaman

Finance Minister Nirmala Sitharaman said India will keep buying Russian oil, stressing that the country's energy decisions are guided by national interest and citizens' needs

Union Finance Minister Nirmala Sitharaman on Friday said India will continue purchasing oil from Russia, making it clear that the country will decide its energy policy according to its own requirements.

 

“India will continue to buy Russian oil. It is our decision to buy what suits our needs, where we buy our oil from, we will have to take a call on it,” FM Sitharaman told News18. 

 

Sitharaman also spoke on the government’s approach to economic management. She stressed the importance of fiscal discipline and trust-building with citizens.

 

“There are no shortcuts to earning profits. We need to earn the people’s trust to make them,” she said, adding that long-term growth depends on credibility and responsible policies rather than quick gains.   

 

 

India faces 50% tariffs on Russian oil

India faces a total of 50 per cent tariffs on Russian oil imports, effective August 27. This includes a 25 per cent reciprocal tariff and an additional 25 per cent specifically for Russian energy.

 

The US administration has said the measures are meant to promote peace and strengthen economic security. Officials argued the tariffs help Washington negotiate large-scale trade and investment deals with six major partners and the 27-nation European Union, worth about $2 trillion for the American economy.

 

Although Trump has warned of sanctions on countries buying Russian oil, he has not directly imposed tariffs on Moscow. Instead, the US chose to target India for its energy imports from Russia.

 

US defends tariffs on India

The Trump administration told the Supreme Court that tariffs on India were applied under the International Emergency Economic Powers Act (IEEPA). The administration said this was done “to deal with a preexisting national emergency regarding Russia's war in Ukraine and as a crucial aspect of the President's push for peace in the country.”

 

India, however, has defended its Russian oil imports, calling them essential for energy security. New Delhi also criticised Washington for singling out India while other nations continue to buy Russian oil. Despite the tariffs, Indian exporters are expected to benefit from strong demand in Europe, where West Asian refiners remain key suppliers.   

 

Trump pressures Europe over Russian oil

On Thursday, Trump urged European leaders to stop purchasing Russian oil, saying their purchases were funding Moscow’s war in Ukraine.

 

Trump joined a call of the “Coalition of the Willing,” a group of nations led by French President Emmanuel Macron, which was discussing security guarantees for Kyiv if a peace deal with Russia is reached. 

 

“President Macron and European leaders called President Trump into their ‘Coalition of the Willing’ meeting. President Trump emphasised that Europe must stop purchasing Russian oil that is funding the war, as Russia received 1.1 billion euros in fuel sales from the EU in one year,” a White House official told Reuters.