'India will buy oil where it gets the best deal'

India has said it will continue to purchase oil from wherever it gets the "best deal" and "take measures" to protect its national interest amid US imposing additional tariff of 25 per cent as penalty for buying Russian oil.

India's Ambassador to Russia Vinay Kumar said this in an interview with state-run Russian news agency TASS on Sunday.

Kumar termed the US decision to increase tariffs on Indian imports by 25 percent due to India's purchase of Russian oil as "unfair, unreasonable and unjustified". It takes the total tariff rate imposed to 50 percent.

"India's cooperation with Russia and several other countries has helped to bring about stability in the oil market, global oil market," the ambassador said, as quoted by TASS.

The Indian diplomat said oil trade takes place on a commercial basis. "So if the basis of commercial transaction trade imports are right, Indian companies will continue buying from wherever they get the best deal. So that's what the current situation is," he added.

Kumar said India's trade is based on market factors and done with the overall objective of ensuring the energy security of 1.4 billion people of India. "There are other countries, including the US itself and in Europe, trading with Russia," TASS quoted him as saying.

India's External Affairs Minister S Jaishankar had on Saturday flayed the US additional tariffs as "unjustified and unreasonable".

Kuman said India and Russia face no problems in payment for oil imports. "India and Russia have a working system of trade settlement in national currencies. There is no problem now in payment for oil imports."

India is also keen to expand its exports to Russia, particularly in electronics, automobiles, and construction materials, the diplomat said.

He noted that while India-Russia trade is growing, India's exports to Russia remain below potential.