India to Study US Tariffs Targeting Russian Oil Imports Amid Rising Energy Tensions

The US House of Representatives' passage of a sanctions and tariff bill last week has sparked interest in India regarding proposed tariffs targeting countries that purchase Russian oil. Union Commerce and Industry Minister Piyush Goyal discussed this on Monday, days after the bill was passed.

Goyal's comments come amid the bill's provisions giving the US president authority to impose tariffs of up to 100% on goods from major purchasers of Russian petroleum or natural gas, subject to certain conditions.

India remains one of the largest buyers of Russian crude. The country'It was oil imports from Russia have surged substantially since the start of the Ukraine war. In contrast, the share of Gulf countries in India's crude imports has decreased.

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India has defended its purchases of Russian crude by citing the need for secure and affordable energy supplies. The country relies heavily on imported oil, accounting for more than 85% of its requirements.

Indian Ambassador to the US Vinay Kwatra described India's energy sourcing as a national priority aimed at ensuring stable, affordable, and uninterrupted supplies.

The proposed tariffs do not automatically imply a 100% duty on Indian goods. The bill allows for the US administration to impose tariffs of up to that level while permitting waivers under specified conditions.

External Affairs Ministry spokesperson Randhir, Jaiswal stated. India's commitment to protecting its trade and economic interests. Emphasizing the need for a balanced and mutually beneficial relationship with the US.

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The government will work closely with Indian trade and industry bodies to address the implications of this legislation, he said.

A balanced and mutually beneficial trade relationship with the US is essential for our nation's interests, Jaiswal added. India and the US have been engaged in negotiations for a bilateral trade agreement, with an interim trade framework already finalized.

The latest US legislation may introduce another factor to consider during these discussions.