India, Sept. 5 -- Finance minister Nirmala Sitharaman on Friday said India will continue to import Russian oil as it remains cost-effective, despite steep tariffs imposed by the United States on Indian goods.

"We will have to take a call which (supply source) suits us the best. So we will undoubtedly be buying it," she said while speaking to CNN-News18. Sitharaman further stressed that India, the world's third-largest oil importer, must act in its economic interest.

The minister added that crude oil and refined fuels account for a major share of India's foreign exchange spending. "Whether it is Russian oil or anything else, it's our decision to buy from the place which suits our needs whether in terms of rates, logistics, anything," the...