'India will buy oil from wherever...best deal is': Indian envoy
What's the story
India's Ambassador to Russia, Vinay Kumar, has said that Indian companies will continue buying oil from wherever they get the best deal. He made the statement in an interview with Russia's state-run news agency TASS. The envoy's comments come after the United States imposed additional 25% tariffs on Indian imports, taking duties up to 50%.
Tariff criticism
US tariffs on Indian imports 'unfair': Kumar
Kumar slammed the US decision as "unfair, unreasonable, and unjustified," calling it a penalty that goes against fair trade principles. He emphasized that India's energy policy is driven by the need to ensure reliable supplies for its 1.4 billion people, rather than by external political pressure. "Government will continue taking measures which will protect the national interest of the country," he said.
Trade defense
Other countries also trade with Russia: Kumar
India has been defending its oil imports from Russia, saying that affordable energy is vital for economic stability. Kumar also pointed out that other countries, including the US and European nations, continue to trade with Moscow. "Our trade is based on market factors and done with the overall object of ensuring the energy security of 1.4 billion people of India," he said.
Trade settlement
India, Russia have stable system for settlements in national currencies
Kumar also addressed concerns over payment systems, saying India and Russia have a stable system for settlements in national currencies. This arrangement was established following Western sanctions on Russia's banking system and has significantly increased energy trade. Despite this surge in bilateral trade, India's exports to Russia remain relatively small. "Some of the important areas that we think we need to focus on...are textiles and fashion products, construction materials, auto and automobile spare parts, also electronics....electronics...Also phones," he said.