Union Commerce and Industry Minister Piyush Goyal has clarified that India's decisions on Russian oil imports are made independently by domestic buyers and are not influenced by the recent India-US interim trade agreement.

Speaking to ANI in New Delhi on 8 February 2026, he emphasised that such choices align with the country's strategic interest in diversifying energy sources, including crude oil, LNG, and LPG from the US.

Goyal stated that the trade deal focuses on ensuring smooth trade flows and preferential access over competitors, rather than dictating specific purchases. "The trade deal ensures that the pathway to trade is smooth and ensures preferential access.

FTAs are all about preferential access to your competition," he explained, noting India's edge with an 18 per cent reciprocal tariff compared to other developing nations.

When pressed on whether the agreement affects India's approach to Russian oil, Goyal deferred to the Ministry of External Affairs, saying, "I don't deal with that." He highlighted the division of responsibilities across ministries, with trade nuances under his purview and geopolitical matters handled by the foreign office.

The framework for the interim agreement, announced by the United States and India, reaffirms commitment to a broader Bilateral Trade Agreement (BTA) launched by President Donald Trump and Prime Minister Narendra Modi on 13 February 2025.

India has agreed to eliminate or reduce tariffs on all US industrial goods and a wide range of agricultural and food products, such as dried distillers' grains (DDGs), red sorghum for animal feed, tree nuts, fresh and processed fruit, soybean oil, wine, spirits, and more.

In reciprocation, the US will apply an 18 per cent tariff on various Indian goods, including textiles and apparel, leather and footwear, plastic and rubber products, organic chemicals, home décor, artisanal goods, and certain machinery.

Subject to the agreement's success, the US plans to later remove tariffs on select Indian items like generic pharmaceuticals, gems and diamonds, and aircraft parts.

Additionally, the US will lift tariffs on certain Indian aircraft and parts previously imposed for national security reasons. India intends to purchase $500 billion worth of US energy products, aircraft and parts, precious metals, technology products, and coking coal over the next five years.

Based On ANI Report