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Ambassador Kumar’s statement came during an interview with state-run TASS on Sunday.
Ambassador Kumar says oil trade payments with Russia face no hurdles, eyes wider Russia export push. (IMAGE: PTI FILE)
Seeking the “best deal” when buying oil and “taking measures” to protect its national interest amid US tariffs is what India will do, Indian envoy to Moscow Vinay Kumar said during an interview with Russian state-run TASS on Sunday.
Kumar also called the US President Donald Trump’s administration’s decision to increase tariffs on Indian imports by 25 per cent, totalling 50 per cent, due to New Delhi’s purchase of Russian oil as unfair.
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“First of all, we have clearly stated that our objective is energy security of 1.4 billion people of India and India’s cooperation with Russia as of several other countries has helped to bring about stability in the oil market, global oil market. So the US decision is unfair, unreasonable and unjustified. Now government will continue taking measures which will protect the national interest of the country,” Ambassador Kumar was quoted as saying by TASS.
Kumar echoed the words of External Affairs Minister S Jaishankar who earlier this week at an event hosted by newspaper the Economic Times said that said India’s priority remains to protect its farmers and small producers, stressing that the country will not compromise on their interests.
Ambassador Kumar also highlighted that India’s cooperation with Russia and other countries has contributed to global oil market stability, echoing a similar statement made by Jaishankar when he met Russian Foreign Minister Sergey Lavrov earlier this week.
“The trade takes place on a commercial basis. So, if the basis of commercial transaction trade imports are right, Indian companies will continue buying from wherever they get the best deal. So that’s what the current situation is,” Kumar said.
“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. There are other countries, including the US itself and in Europe, trading with Russia,” he said.
He added that oil trade between India and Russia is running smoothly with no payment-related difficulties.
“India and Russia have a working system of trade settlement in national currencies. There is no problem now in payment for oil imports,” Kumar told TASS.
He added that beyond energy, India is eager to expand its exports to Russia in sectors such as electronics, automobiles, textiles, fashion, and construction materials.
“Some of the important areas that we think we need to focus on and improve our exports are textiles and fashion products, construction materials, auto and automobile spare parts and components, also electronics and the entire set of electronics and IT-related products. Also phones. Many of the top manufacturers are also manufacturing in India. We look forward to an increase in those areas also,” the envoy said.
Kumar noted that while bilateral trade volumes have grown in recent years, India’s exports to Russia still remain below their potential, making diversification beyond energy a key priority.
About the Author
Shankhyaneel Sarkar is a senior subeditor at News18. He covers international affairs, where he focuses on breaking news to in-depth analyses. He has over five years of experience during which he has covered sev…Read More
Shankhyaneel Sarkar is a senior subeditor at News18. He covers international affairs, where he focuses on breaking news to in-depth analyses. He has over five years of experience during which he has covered sev… Read More
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