New Delhi, September 17 (Daily Kiran) : India is closely observing the recent U.S. legislation imposing up to 100% tariffs on oil and gas purchases from Russia. The Indian Ministry of External Affairs stated that the government is dedicated to ensuring energy security for its 1.4 billion citizens.
The U.S. Congress has passed the “Sanctioning Russia and Iran Act,” which could significantly impact countries purchasing oil and gas from Russia. India is actively tracking the developments related to this law.
The ministry reiterated India’s commitment to securing energy for its population, stating that the country will continue to source energy from various channels while adapting to changing market conditions.
High-level discussions have taken place between Indian officials and their American counterparts regarding the implications of this legislation. India has made it clear that the effects of the law extend beyond bilateral relations with the U.S. and could also disrupt the international energy market.
India is resolute in taking necessary measures to protect its commercial and economic interests. The government plans to collaborate with Indian trade and industry organizations to address potential impacts from these developments.
On Wednesday, the U.S. House of Representatives passed the “Lindsey O. Graham Sanctioning Russia and Iran Act” with a vote of 262 to 159. Earlier, the Senate approved it with a vote of 86 to 11 on August 7. Advisors to former President Trump have also recommended the bill’s passage, which now awaits the President’s signature to become law.
The legislation aims to reduce financial resources available to Russia amid its ongoing war against Ukraine. It targets Russian officials, banks, energy sector entities, and foreign organizations supporting Russian military operations.
The provisions apply to major countries importing significant amounts of energy from Russia or aiding in circumventing oil sanctions. The U.S. Trade Representative will review the list of targeted nations every 180 days, potentially adding more countries as necessary.
While India has not been singled out as a targeted nation, nor has it been assigned a specific tariff rate, the government remains vigilant in protecting its interests.
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