India to continue importing Russian oil, finance minister says

“As Europe and the U.S. have shunned Russian oil over Moscow's 2022 invasion of Ukraine, India has taken advantage of discounts on Russian output to become the largest buyer of Russian seaborne crude,” the report reads.

New Delhi has defended the surging imports of Russian oil as a way to “stabilize global markets.”

Last month, U.S. President Donald Trump slapped a 50 percent tariff on a range of Indian imports to punish New Delhi for buying Russian crude. That duty, the highest the United States has imposed on any Asian country, went into effect Aug. 27. Some key Indian industries, including electronics and pharmaceuticals, are exempt from the new U.S. tariffs—safeguarding planned investments by companies such as Apple.

Speaking to India’s CNN-News18 channel, Sitharaman said India, the world’s third-largest oil importer and consumer, will keep sourcing oil from wherever it offers the best combination of price and logistics.

“We will make decisions based on what suits us best,” she said. 

“Whether it’s Russian oil or something else, it is our choice to buy from the source that meets our needs in terms of cost, logistics or anything else.”

Sitharaman added that India spends the bulk of its foreign exchange reserves on energy imports. Consequently, much of these funds end up fueling Russia’s war industry.