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India's finance minister said that India would continue to purchase Russian oil despite US tariffs.

India's finance minister stated on Friday that it will continue to purchase Russian oil if it is economical. This was despite the Trump Administration's decision to impose high import tariffs on Indian products due in part to its energy purchases.

India, which is the world's largest purchaser of Russian crude oil, has taken advantage discounts on Russian production to become the biggest buyer.

New Delhi says its purchases of Russian crude oil has kept markets balanced.

Donald Trump, the U.S. president who is trying to end the Ukraine conflict by brokering a settlement, said that India's oil imports were helping to fund Moscow's military effort. He imposed a tariff of 50% on Indian imports last month.

Speaking on CNN-News18 local news, Finance Minister Nirmala Sitharaman said that India, as the third largest oil importer in the world, has no plans to stop using Russian supplies.

We will need to decide which source of supply is best for us. We will buy it, she said. She added that India spends the majority of its foreign currency on crude oil and refined petroleum products.

Oil and refined fuel purchases from abroad accounted for approximately a quarter (25%) of total imports in the fiscal year ending March 2025.

Sitharaman continued, "Whether we buy Russian oil or any other type of oil, our decision is to purchase from the location that best suits our needs, whether it be in terms if rates, logistics or anything else."

This week, Indian Prime Minister Narendra Modi and Russian President Vladimir Putin attended a Tianjin summit that Chinese President Xi Jinping organized as a show of solidarity with the West.

Modi's attendance at the meeting, which some observers have dubbed the "Axis of Upheaval", alongside leaders of North Korea and Myanmar, was seen by some experts to be a result of New Delhi's fallout with Washington.

The talks between the two countries aimed at negotiating an agreement to reduce the U.S. duty burden on Indian products have failed.

The two sides have not met physically since last month's cancellation of a visit by U.S. Trade officials to New Delhi.

U.S. Treasury Sec. Scott Bessent accused India of profiteering from importing Russian crude oil at lower rates and then reselling it at a higher price.

In a Friday post on the social media platform Truth Social, Trump commented on Putin's and Modi’s visit to China.

Looks like China has won India and Russia. They may have a prosperous and long future together! He wrote. (Reporting and writing by Nikunj Ohri, Editing by Joe Bavier; Writing by Hritam Mukerjee)

(source: Reuters)