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For what feels like the billionth time in a month, India is once again saying it stands with Russia, and it doesn’t care how anyone feels about that. The Asian giant reiterated pointedly that it will keep buying Russian oil because it’s cheaper, ignoring U.S. pressure and the 50% import tariff imposed by President Donald Trump last month. Finance Minister Nirmala Sitharaman said on CNN-News18 that India will continue importing from whichever country offers the best deal. She said, “We will have to take a call which (supply source) suits us the best. So we will undoubtedly be buying it.” This decision comes even as Washington accuses India of helping fund Russia’s war by continuing its energy purchases. India has become the top buyer of Russian seaborne crude since Moscow’s 2022 invasion of Ukraine. While the U.S. and Europe have moved away from Russian supplies, India’s oil imports have surged, benefiting from steep discounts. Officials in New Delhi argue that their continued purchases are keeping markets stable. But Trump has never particularly been a financial genius, so he doesn’t understand that math. Trump imposes tariffs and warns India over Russia ties Speaking to Bloomberg Surveillance, U.S. Commerce Secretary Howard Lutnick criticized India’s oil deals and called for renewed trade negotiations. Lutnick said, “Either support the dollar, support the United States of America, support your biggest client – who’s the American consumer – or, I guess, you’re going to pay a 50% tariff. And let’s see how long this lasts.” He said India would likely return in one or two months, apologize, and ask to reopen talks with Washington. India isn’t budging. Sitharaman explained that the country spends a large portion of its foreign exchange on energy. She said, “Whether it is Russian oil or anything else, it’s our decision to buy from the place which suits our needs, whether in terms of rates, logistics, anything.” Crude oil and refined fuel purchases accounted for about one-fourth of India’s imports in the fiscal year ending March 2025. At the same time, trade relations between India and the U.S. have collapsed. Talks aimed at reducing the American tariff burden on Indian exports fell apart. A planned visit by U.S. trade officials to New Delhi last month was canceled, and there have been no follow-up meetings or discussions since. As economic discussions stalled, diplomatic optics took center stage. Indian Prime Minister Narendra Modi attended a summit in Tianjin this week hosted by Chinese President Xi Jinping. Russian President Vladimir Putin was there too. The three leaders were seen together, standing side by side in front of media cameras. Modi and Putin were even photographed holding hands as they walked toward Xi. Trump slams India and Russia for meeting with Xi in China Trump responded publicly, writing on social media, “Looks like we’ve lost India and Russia to deepest, darkest, China. May they have a long and prosperous future together!” The message was posted alongside the photo from the summit. Trump also told reporters this week that he was “very disappointed” in Putin but was not concerned about Russia’s growing ties with China. India’s foreign ministry declined to respond. Reporters in New Delhi were told there would be no comment on Trump’s remarks. Modi didn’t react to the statements either, as usual. But his appearance alongside Xi and Putin was so geopolitically powerful that he doesn’t need to say anything else. Some analysts described the Tianjin meeting as a show of unity among countries distancing themselves from the West. It included leaders from North Korea and Myanmar. Modi’s participation, after tensions with Trump’s administration, was seen by some as a direct message to the U.S. Trump, who once courted New Delhi as a key partner, has now cooled ties. His administration’s reaction to India’s energy strategy, along with rising tariffs and diplomatic silence, has pushed the two countries further apart. Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free.For what feels like the billionth time in a month, India is once again saying it stands with Russia, and it doesn’t care how anyone feels about that. The Asian giant reiterated pointedly that it will keep buying Russian oil because it’s cheaper, ignoring U.S. pressure and the 50% import tariff imposed by President Donald Trump last month. Finance Minister Nirmala Sitharaman said on CNN-News18 that India will continue importing from whichever country offers the best deal. She said, “We will have to take a call which (supply source) suits us the best. So we will undoubtedly be buying it.” This decision comes even as Washington accuses India of helping fund Russia’s war by continuing its energy purchases. India has become the top buyer of Russian seaborne crude since Moscow’s 2022 invasion of Ukraine. While the U.S. and Europe have moved away from Russian supplies, India’s oil imports have surged, benefiting from steep discounts. Officials in New Delhi argue that their continued purchases are keeping markets stable. But Trump has never particularly been a financial genius, so he doesn’t understand that math. Trump imposes tariffs and warns India over Russia ties Speaking to Bloomberg Surveillance, U.S. Commerce Secretary Howard Lutnick criticized India’s oil deals and called for renewed trade negotiations. Lutnick said, “Either support the dollar, support the United States of America, support your biggest client – who’s the American consumer – or, I guess, you’re going to pay a 50% tariff. And let’s see how long this lasts.” He said India would likely return in one or two months, apologize, and ask to reopen talks with Washington. India isn’t budging. Sitharaman explained that the country spends a large portion of its foreign exchange on energy. She said, “Whether it is Russian oil or anything else, it’s our decision to buy from the place which suits our needs, whether in terms of rates, logistics, anything.” Crude oil and refined fuel purchases accounted for about one-fourth of India’s imports in the fiscal year ending March 2025. At the same time, trade relations between India and the U.S. have collapsed. Talks aimed at reducing the American tariff burden on Indian exports fell apart. A planned visit by U.S. trade officials to New Delhi last month was canceled, and there have been no follow-up meetings or discussions since. As economic discussions stalled, diplomatic optics took center stage. Indian Prime Minister Narendra Modi attended a summit in Tianjin this week hosted by Chinese President Xi Jinping. Russian President Vladimir Putin was there too. The three leaders were seen together, standing side by side in front of media cameras. Modi and Putin were even photographed holding hands as they walked toward Xi. Trump slams India and Russia for meeting with Xi in China Trump responded publicly, writing on social media, “Looks like we’ve lost India and Russia to deepest, darkest, China. May they have a long and prosperous future together!” The message was posted alongside the photo from the summit. Trump also told reporters this week that he was “very disappointed” in Putin but was not concerned about Russia’s growing ties with China. India’s foreign ministry declined to respond. Reporters in New Delhi were told there would be no comment on Trump’s remarks. Modi didn’t react to the statements either, as usual. But his appearance alongside Xi and Putin was so geopolitically powerful that he doesn’t need to say anything else. Some analysts described the Tianjin meeting as a show of unity among countries distancing themselves from the West. It included leaders from North Korea and Myanmar. Modi’s participation, after tensions with Trump’s administration, was seen by some as a direct message to the U.S. Trump, who once courted New Delhi as a key partner, has now cooled ties. His administration’s reaction to India’s energy strategy, along with rising tariffs and diplomatic silence, has pushed the two countries further apart. Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free.

India will keep buying Russian oil despite U.S. tariffs and pressure

2025/09/06 02:12

For what feels like the billionth time in a month, India is once again saying it stands with Russia, and it doesn’t care how anyone feels about that.

The Asian giant reiterated pointedly that it will keep buying Russian oil because it’s cheaper, ignoring U.S. pressure and the 50% import tariff imposed by President Donald Trump last month.

Finance Minister Nirmala Sitharaman said on CNN-News18 that India will continue importing from whichever country offers the best deal. She said, “We will have to take a call which (supply source) suits us the best. So we will undoubtedly be buying it.”

This decision comes even as Washington accuses India of helping fund Russia’s war by continuing its energy purchases.

India has become the top buyer of Russian seaborne crude since Moscow’s 2022 invasion of Ukraine. While the U.S. and Europe have moved away from Russian supplies, India’s oil imports have surged, benefiting from steep discounts.

Officials in New Delhi argue that their continued purchases are keeping markets stable. But Trump has never particularly been a financial genius, so he doesn’t understand that math.

Trump imposes tariffs and warns India over Russia ties

Speaking to Bloomberg Surveillance, U.S. Commerce Secretary Howard Lutnick criticized India’s oil deals and called for renewed trade negotiations. Lutnick said, “Either support the dollar, support the United States of America, support your biggest client – who’s the American consumer – or, I guess, you’re going to pay a 50% tariff. And let’s see how long this lasts.” He said India would likely return in one or two months, apologize, and ask to reopen talks with Washington.

India isn’t budging. Sitharaman explained that the country spends a large portion of its foreign exchange on energy. She said, “Whether it is Russian oil or anything else, it’s our decision to buy from the place which suits our needs, whether in terms of rates, logistics, anything.” Crude oil and refined fuel purchases accounted for about one-fourth of India’s imports in the fiscal year ending March 2025.

At the same time, trade relations between India and the U.S. have collapsed. Talks aimed at reducing the American tariff burden on Indian exports fell apart. A planned visit by U.S. trade officials to New Delhi last month was canceled, and there have been no follow-up meetings or discussions since.

As economic discussions stalled, diplomatic optics took center stage. Indian Prime Minister Narendra Modi attended a summit in Tianjin this week hosted by Chinese President Xi Jinping. Russian President Vladimir Putin was there too.

The three leaders were seen together, standing side by side in front of media cameras. Modi and Putin were even photographed holding hands as they walked toward Xi.

Trump slams India and Russia for meeting with Xi in China

Trump responded publicly, writing on social media, “Looks like we’ve lost India and Russia to deepest, darkest, China. May they have a long and prosperous future together!” The message was posted alongside the photo from the summit. Trump also told reporters this week that he was “very disappointed” in Putin but was not concerned about Russia’s growing ties with China.

India’s foreign ministry declined to respond. Reporters in New Delhi were told there would be no comment on Trump’s remarks. Modi didn’t react to the statements either, as usual. But his appearance alongside Xi and Putin was so geopolitically powerful that he doesn’t need to say anything else.

Some analysts described the Tianjin meeting as a show of unity among countries distancing themselves from the West. It included leaders from North Korea and Myanmar. Modi’s participation, after tensions with Trump’s administration, was seen by some as a direct message to the U.S.

Trump, who once courted New Delhi as a key partner, has now cooled ties. His administration’s reaction to India’s energy strategy, along with rising tariffs and diplomatic silence, has pushed the two countries further apart.

Don’t just read crypto news. Understand it. Subscribe to our newsletter. It's free.

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