Moscow, Aug 5 (PTI) Russia on Tuesday said sovereign countries have the right to select their partners in trade and economic cooperation based on their interests, a day after President Donald Trump threatened to "substantially" raise US tariffs on India for buying Russian oil.

"We believe that sovereign countries must have and do have the right to choose their trade partners, the partners in trade and economic cooperation, on their own and independently determine those modes of trade and economic cooperation that suit the interests of a country in question," Kremlin Spokesman Dmitry Peskov told journalists, commenting on the US’ threats regarding India.

President Trump on Monday said he will "substantially" raise US tariffs on India, accusing it of buying massive amounts of Russian oil and selling it for big profits.

Hours later, India mounted an unusually sharp counterattack on the US and the European Union for their "unjustified and unreasonable" targeting of New Delhi for its procurement of Russian crude oil.

Firmly rejecting the criticism, India pointed out the double standards in targeting it on the issue and said both the US and the EU are continuing their trade relations with Russia.

"Unlike our case, such trade is not even a vital national compulsion," the Ministry of External Affairs (MEA) said in a statement.

The Europe-Russia trade includes not just energy, but also fertilizers, mining products, chemicals, iron and steel, and machinery and transport equipment, the MEA said.

"Where the US is concerned, it continues to import from Russia uranium hexafluoride for its nuclear industry, palladium for its EV industry, fertilizers as well as chemicals," it added.

"In this background, the targeting of India is unjustified and unreasonable. Like any major economy, India will take all necessary measures to safeguard its national interests and economic security," the MEA said.

On Monday, Russian Foreign Ministry Spokesperson Maria Zakahrova accused the US administration of continuing a neocolonial policy against the nations of the Global South to maintain American hegemony.

“Sanctions and restrictions are a regrettable reality of today's historical stage, which affects the entire world," Zakaharova said in a statement.

"Washington cannot come to terms with the loss of hegemony in the emerging multipolar world order and continues to pursue a neocolonial policy in an attempt to maintain its position, using politicised levers of economic pressure against those who refuse to follow in its wake in the international arena,” she added.

Trump had earlier announced a 25 per cent tariffs on imports of Indian goods along with an unspecified "penalty" for buying "vast majority" of Russian military equipment and crude oil. PTI VS ZH ZH

Sovereign choice of trade partners affirms national economic security and rejects politicised external economic pressure. Sovereign states have the right to choose trade partners and modes of economic cooperation that serve national interests; external threats or punitive measures in response to such procurement decisions raise issues of economic coercion and double standards. The commentary contends that inconsistent targeting by other major economies-despite their own commercial links with the same supplier-illustrates politicised economic pressure, and that affected states will take measures to protect national economic security within a shifting multipolar order.