New Delhi has sharply criticized the United States and the European Union for their trade relationships with Russia, following U.S. President Donald Trump’s threats to impose steep tariffs on India due to its continued oil imports from Moscow. In a statement issued late Monday, India’s foreign ministry highlighted that the EU’s trade with Russia reached €67.5 billion ($78.1 billion) in 2024, with services trade amounting to €17.2 billion in 2023, according to European Commission data. The ministry argued that this trade volume significantly surpasses India’s total trade with Russia, which hit a record $68.7 billion for the fiscal year ending March 2025, a nearly sixfold increase from pre-pandemic levels of $10.1 billion, as reported by the Indian embassy in Moscow.
India’s foreign ministry emphasized that its oil imports from Russia began only after traditional supplies were redirected to Europe following Russia’s invasion of Ukraine in 2022. The ministry noted that India’s actions helped stabilize global energy prices, a point echoed by India’s Energy Minister Hardeep Singh Puri in a recent CNBC interview. Puri explained that India’s purchases of Russian oil, capped at $47 per barrel by the EU and G7 in July, prevented oil prices from soaring to $130 per barrel. Former U.S. Ambassador to India Eric Garcetti had previously acknowledged that India’s oil purchases aligned with U.S. interests in maintaining global energy market stability.
Trump’s threats stem from his frustration with India’s role as a major buyer of Russian oil, which constitutes about 35% of India’s oil imports. On July 30, Trump announced a 25% tariff on Indian goods effective August 7, coupled with an unspecified penalty for India’s trade with Russia, including oil and military equipment. In a Truth Social post on Monday, Trump accused India of profiting by reselling Russian oil on the global market, claiming it disregards the human toll of Russia’s actions in Ukraine. India’s foreign ministry countered that it is being unfairly targeted, noting that the U.S. itself engaged in $3.5 billion in trade with Russia in 2024 despite its sanctions.
India insists its oil imports are driven by the need to ensure affordable energy for its 1.4 billion citizens, with 90% of its oil needs met through imports. The ministry reiterated that India will take all necessary measures to protect its economic security and national interests in response to Trump’s tariff threats.
