Union Finance Minister Nirmala Sitharaman has said India will continue to buy Russian crude oil, stressing that decisions on energy imports will be taken based on what best suits the country’s needs.
“Whether it is Russian oil or anything else, we will take a call based on what suits our needs in terms of rates, logistics or whatever. So, we will undoubtedly be buying Russian oil,” she told Network18 in an interview.
Sitharaman noted that crude oil accounts for the largest share of India’s import bill, making procurement strategy a matter of national interest.
Russian imports and global criticism
India’s imports of Russian crude have risen from less than 1 per cent of total supplies before the Ukraine conflict to nearly 40 per cent at present, as refiners took advantage of discounts left by Western buyers. India is now the largest buyer of Russian seaborne crude.
The increased imports have drawn criticism from Washington, with White House trade adviser Peter Navarro accusing India of indirectly funding Russia’s war effort.
Union Oil Minister Hardeep Singh Puri defended India’s purchases, saying they complied with the G7 and EU price-cap mechanism. He argued that India’s imports helped stabilise global oil markets and prevented prices from spiralling.
Tariffs and GST reforms
Sitharaman also said India’s goods and services tax (GST) reforms would help offset tariff pressures. Addressing industries facing a 50 per cent tariff, she said the government would introduce support measures to mitigate the impact.
“The package includes a variety of measures, and something is definitely coming to help them,” she added.
