Will India continue to buy Russian oil? Sitharaman says ‘yes, our decision where we buy oil from’

Union Finance Minister Nirmala Sitharaman has said that India will continue to buy Russian oil irrespective of criticism from US President Donald Trump.

In an interview with Network 18, Sitharaman said that the call to purchase oil from Russia or any other source depends on what suits the country’s interests best.

“We will continue [to buy Russian oil]. It’s been made clear. We will take a call on what suits us best. Whether its Russian oil or anything else, it’s our decision which suits our needs,” said Sitharaman.

LIVE: Finance Minister @nsitharaman speaks exclusively to Network18 Group Editor-in-Chief @18RahulJoshi https://t.co/DLB96ydDXF

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The remarks have come as Trump and his senior officials have continued their tirade against India’s purchase of oil from Russia, calling the Russian war on Ukraine as “Modi’s war” and accused India of driving the Russian war machinery.

On top of 25 per cent tariff previously imposed as part of the broader rollout of tariffs on over 60 countries, Trump last month slapped additional 25 per cent punitive tariff on India for the purchase of Russian oil. His tirade against India has led to tensions in the India-US relationship that observers say puts at risk the progress in the bilateral ties in three decades in the post-Cold War era.

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Even as Trump and his officials have engaged in fiery rhetoric, India has not taken a rage bait and has continued to engage in quiet diplomacy. Even as trade talks continue with the Trump administration, India is seeking alternative export destinations capitalising on recent trade deals like with the United Kingdom and European Free Trade Association (EFTA) and ramping up negotiations with the European Union (EU) and South American nations like Peru and Chile.

Analysts have said that Trump’s tariffs could drag down India’s GDP growth this year by up to 1 per cent. The government has said that tariffs could affect up to 60 per cent of India’s exports to the United States to the tune of $48 billion.