India to Keep Buying Russian Oil Despite U.S. Tariffs

India will continue buying Russian oil as it remains economical, Finance Minister Nirmala Sitharaman said, despite heavy U.S. tariffs on Indian goods linked to its energy trade with Moscow. “We will have to take a call which suits us the best. So we will undoubtedly be buying it,” she noted, adding that most of India’s foreign exchange is spent on crude and fuel imports. India, now the largest buyer of Russian seaborne crude, has argued its purchases help keep markets balanced, even as Europe and the U.S. shun Russian oil over the Ukraine war. President Trump last month imposed a 50% tariff on Indian imports, saying New Delhi’s oil buys fund Moscow’s war effort. Meanwhile, U.S. Commerce Secretary Howard Lutnick pressed India to “support the dollar” and stop Russian purchases. He predicted India would return within months to seek a trade deal. Oil and refined fuel made up about a quarter of India’s imports in FY2024/25.