“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,” the Finance Minister said.
Union Finance Minister Nirmala Sitharaman on Friday stressed that India will ‘undoubtedly’ continue to buy the Russian oil as it suits us best. She emphasised that India is the third-largest oil importer in the world, and so it must act in its economic interest.
While speaking to media persons, she said, “We will have to take a call which (supply source) suits us the best. So we will undoubtedly be buying it.”
“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,” the Finance Minister said.
Sitharaman’s statement came after the United States imposed a 50 per cent tariff on Indian imports. The tariffs announced by US President Donald Trump came into effect last month on August 27.
At first, a 25 per cent tariff was imposed, but then an additional 25 per cent tariff was imposed by Trump, citing the Indian import of Russian oil. Trump termed India’s purchase of Russian crude as funding the war in Ukraine.
Sitharaman further said that the government is working on a relief package for the exporters who are affected by the US tariffs.
Speaking about the GST 2.0, the latest GST reforms, Sitharaman said that the reform will offset the tariff effect. “The potential tariff impact will be offset by reforms like GST,” the Finance Minister was quoted saying.
