India Monitors US Bill to Impose Tariffs on Nations Procuring Russian Oil
India is closely monitoring a proposed US bill that seeks to impose up to 500 percent tariffs on countries, including India and China, for purchasing Russian crude oil. US Senator Lindsey Graham stated President Trump green-lighted the legislation to punish nations funding Russia's war. India's External Affairs Ministry defends its energy procurement, citing market dynamics and the imperative to secure affordable energy from diverse sources to meet the needs of its 1.4 billion people, noting a significant increase in Russian oil imports post-Ukraine invasion.
India's External Affairs Ministry, through spokesperson Randhir Jaiswal, has confirmed it is closely following developments regarding a proposed US bill. This legislation, authored by US Senator Lindsey Graham and reportedly green-lighted by President Donald Trump, aims to impose substantial tariffs, potentially up to 500 percent, on countries procuring Russian crude oil. The bill specifically targets nations like India and China, which have significantly increased their imports of discounted Russian oil following Western sanctions imposed after Russia's invasion of Ukraine in February 2022. Senator Graham stated the bill intends to punish countries that fuel Russia's war machine.India has consistently defended its energy sourcing policy, emphasizing that its purchases are dictated by evolving global market dynamics and the critical need to ensure affordable energy security for its 1.4 billion citizens from diverse sources. Post-2022, Russia's share in India's total oil imports dramatically rose from a mere 1.7 percent in 2019-20 to 35.1 percent in 2024-25. Recently, Senator Graham also mentioned that Indian Ambassador to the US, Vinay Kwatra, informed him of New Delhi reducing its Russian oil purchases and asked for relief from the proposed tariffs, indicating ongoing diplomatic engagement on the issue.
