Overview

• Finance Minister Nirmala Sitharaman said India will keep importing Russian crude when it remains cost‑effective, citing price and logistics.
• The White House’s 50% tariff on Indian goods has been in effect since August 27, with President Donald Trump warning of possible Phase‑2 and Phase‑3 measures and secondary sanctions.
• Sitharaman said a support package is being prepared for exporters hit by the tariffs, adding that GST reforms should offset part of the impact.
• New Delhi framed oil sourcing as an economic decision tied to the country’s import bill, noting crude is its largest foreign‑exchange outlay.
• Trade engagement has stalled, with negotiations paused and a planned visit by US trade officials to India cancelled last month, according to Indian media.