Indian ambassador to Russia has made it clear that the government will continue to buy oil from wherever it will benefit the country.
Ambassador Vinay Kumar's comments come at a crucial time of India facing 50 percent U.S. import tariffs, including a 25 percent penalty for India's continued dependence on Russian oil and weapons.
"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 global oil market," he said in an interview with TASS. "So the US decision is unfair, unreasonable and unjustified. Now government will continue taking measures which will protect the national interest of the country. And the trade takes place on 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," the Indian diplomat told the Russian state-owned news agency.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.