'Russia Will Never Impose Sanctions, Calls US Tariffs On India Economic Weaponisation': Russian Charge D’Affairs In India, Roman Babushkin

New Delhi: Indian exports could find a place in Russia if they were hit by the US tariffs, Russia said on Wednesday. It accused the US of “weaponising the economy” and added that Russia would never do so.

Russia Rules Out Sanctions on India

“Friends do not impose sanctions. Russia will never impose sanctions,” Russian Charge D’Affairs in India, Roman Babushkin, said at a briefing. “Russia understands the importance of India’s relations with the West. We are non-West, not anti-West.”

India is the second largest buyer of Russian oil after China, and Moscow accounts for almost 40% of the country’s energy purchases. Trump has accused India of fueling the war in Ukraine for continuing to buy oil from Russia and has said he will impose another 25% tariff on the country by August 28. Post-this, all Indian exports to the US will have a 50% tariff.

The Russian diplomat also stated that while he had notseen the official readouts, some western media reports had given the impression that Trump would not impose the additional 25% tariff on India. He added that if Indian exports faced difficulty in the US and Western markets due to the Trump tariffs, Russia would be happy to buy them.

“We believe that any kind of trade protection policy provokes disputes and instability in global trade. So, if the Indian goods are facing difficulties, especially in the US market, the Russian market is open to them to the greatest extent possible.”

India-Russia Trade Hits $68.7 Billion

Government statistics show that bilateral trade between India and Russia reached a high of $68.7 billion in 2024-25, nearly 5.8 times higher than the prepandemic trade of $10.1 billion. The trade balance is heavily skewed in favour of Russia, with Indian exports coming to $4.88 billion and imports from Russia amounting to $63.84 billion. Both countries want to achieve a bilateral trade target of $100 billion by 2030.

Asked about Kremlin’s reactions if India were to completely withdraw from buying Russian oil imports, its diplomats pointed out that Moscow remained secure in its oil sales despite Western pressure.

Evgeny Griva, Deputy Trade Commissioner at the Russian mission, said: “Practically, (Russian oil) is very profitable for India at the price at which we propose. The profit is very high for the country (India). And in such a situation, I suppose, the Indian government absolutely understands that there is no chance to change for any other supplier.” Griva added that around 85-90% of oil payment transactions were being done through the rupee-ruble mechanism, with some transactions made in dirhams. His assertion comes as the RBI has further eased regulations on rupee-ruble trade by allowing more Indian banks to set up Special Rupee Vostro Accounts (SRVA). The scheme, which has been in place since 2022, ensures Russian oil exporters can hold accounts in Indian banks through their banks in the local currency. Thereby, Indian importers can pay for Russian oil directly in rupees into these accounts. Griva confirmed there would be no disruption in crude oil supply to Nayara refinery in Gujarat. The refinery has been specially targeted, as it is part-owned by the Russian oil giant Rosneft, which holds a 49.13% stake. “We have a mechanism by which to address shipping and insurance-related issues,” he said.