'US Encouraged Russian Oil Imports To Stabilise Global Market': India Counters Trump's Tariff Threat
India called these imports "a necessity compelled by global market situation" in its statement, stating that they're "meant to ensure predictable and affordable energy costs to the Indian consumer."
The United States encouraged Russian oil imports by India after the commencement of the Ukraine conflict for strengthening global energy markets stability, the Ministry of External Affairs said on Monday, shortly after US President Donald Trump threatened to raise tariffs on India "substantially" for its crude purchase from Moscow.
"India began importing from Russia because traditional supplies were diverted to Europe after the outbreak of the conflict. The United States at that time actively encouraged such imports by India for strengthening global energy markets stability," it said.
The MEA, in its official statement, also countered the US by pointing out that the country, along with the European Union, has been indulging in trade with Russia itself.
"...it is revealing that the very nations criticizing India are themselves indulging in trade with Russia. Unlike our case, such trade is not even a vital national compulsion," the MEA spokesperson said.
Europe-Russia trade includes not just energy, but also fertilisers, mining products, chemicals, iron and steel and machinery and transport equipment, the ministry pointed out.
Where the United States is concerned, it continues to import from Russia uranium hexafluoride for its nuclear industry, palladium for its EV industry, fertilisers as well as chemicals, it further said.
The MEA response came hours after Trump, in a social media post, accused India of profiteering from the purchase of cheaper Russian oil amid the ongoing war in Ukraine.
"India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don’t care how many people in Ukraine are being killed by the Russian War Machine. Because of this, I will be substantially raising the Tariff paid by India to the USA (sic), " Trump posted on Truth Social.
Between April and June, Russian oil accounted for 33.7% of India's overall crude imports, as per official data. This is slightly lower as compared to calendar year 2024, when Russian oil accounted for 36% of India's cumulative crude imports.
India described the Russian oil imports "a necessity compelled by global market situation" in its statement, stating that they're "meant to ensure predictable and affordable energy costs to the Indian consumer."
India's statement also detailed the European Union's trade relations with Russia, highlighting how large trade between the two is significantly surpassing that of India. "The European Union in 2024 had a bilateral trade of Euro 67.5 billion in goods with Russia. In addition, it had trade in services estimated at Euro 17.2 billion in 2023," said the spokesperson.
"European imports of LNG in 2024, in fact, reached a record 16.5 million tonnes, surpassing the last record of 15.21 million tonnes in 2022," it added. The trade not only includes energy, but also fertilisers, mining products, chemicals, iron and steel and machinery and transport equipment, as per the statement.
Hence, the targeting of India is unjustified and unreasonable, concluded the statement. "Like any major economy, India will take all necessary measures to safeguard its national interests and economic security."
