Indian Commerce Minister Reacts to Trump's Sanctions on Russian Oil

India's Commerce and Industry Minister Piyush Goyal has said that New Delhi has never accepted terms from other nations as to who it could be friends with, a reference to growing US and EU pressure on India's ties with Russia.

"India has never decided who its friends would be based on any other considerations other than national interest. Somebody tells me tomorrow that I can't be friends with the European Union (EU), I won't accept that. Somebody tells me tomorrow that I can't work with Kenya, it's not acceptable," Goyal remarked, speaking at a panel 'Leaders Dialogue: Growing Together – Trade and Alliances in a Changing World' at the Berlin Global Dialogue along with UK Trade Minister Chris Bryant and their EU counterpart.

The response was made in response to a question about US tariffs and sanctions meant to deter India from importing oil from Russia, two days after the US Treasury designated two Russian oil firms Rosneft and Lukoil.

Goyal noted at the panel that both the UK and Germany had sought exemptions from the latest US sanctions on Russian oil companies.

"We're all in it together. The decision to buy a particular product from a country, if something that the entire world will have to take a call on. I read in today's paper that Germany is asking for exemptions from US sanctions on oil. The UK has already sought and got an exemption from UK sanctions," Goyal stated.

The UK trade minister responded to Goyal's charges, saying that his government had negotiated exemptions for a Rosneft subsidiary.

"We managed to do that very quickly and I think the Americans will do something very similar," Bryant told Goyal during their brief exchange.

"So, then, why single out India. Goyal asked. The British minister claimed that it was a "specific subsidiary in relation to Rosneft", to which Goyal reminded him that India also has a subsidiary of Rosneft.

Well. come and talk to us," the British minister conceded.

In response to an earlier question about the threat of US tariffs if India didn't negotiate an early trade deal with the US, Goyal remarked that nobody could dictate these choices to New Delhi.

"... We're talking to the United States, of course, but we don't do deals in a hurry. And we don't deal with deadlines or with guns on our head," he remarked.

"India looks long-term. India never takes decisions in a rush or on the pressure of the moment. And, we have accepted if there is a tariff on us, there is a tariff on us... We are not in a position where we want to do suboptimal deals. We realise that 25-30 years from now, we will be a $30 trillion economy," he explained.

Goyal said that India was already looking at ways to neutralise the impact of US tariffs, which are to the tune of 50%, including a 25% penalty tariff for purchasing Russian oil.

"We are looking at newer markets. We are looking at a stronger demand impetus within the Indian economy. So, we have a very resilient structure. 1.4 billion people. We are young. Our average age is 28.5 years... Very aspirational, a billion internet users," Goyal told the panel.

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