India reacts to US bill proposing 500% tariffs on Russian oil purchase: 'Our position on energy ...'

Representative photo (File)

• India is carefully monitoring the US bill proposing 500% tariffs on Russian oil buyers
• India's energy decisions driven by national interest and market conditions: MEA
• India's Russian oil imports to drop due to increased US tariffs and sanctions.

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India on Friday took note of the "Russia sanctions bill" approved by the Trump administration which proposes up to 500% tariffs on major buyers of crude from Moscow, adding that it is closely tracking the developments.

During a weekly media briefing, ministry of external affairs spokesperson Randhir Jaiswal said that India's position on its energy sources is well known.

"We are aware of the proposed bill. We are carefully monitoring all related issues and developments connected with it. At the same time, I would like to say that, as far as energy sources are concerned, you are well aware of our approach," he said.

Jaiswal reiterated the Modi government's position on India's purchase of Russian oil despite Western pressure.

"We take into account the conditions and environment in the global market, while also keeping in mind our imperative of ensuring that energy is made available at affordable prices to our 1.4 billion people. Based on these factors, we determine our strategy and policy," he said.

He was responding to a question on the recent bill that proposes crippling tariffs on those purchasing oil from Russia, targeting countries like India, China and Brazil.

Republican Senator Lindsey Graham said on Wednesday that Trump has approved moving forward with the bipartisan sanctions bill.

The bill has proposed 500% tariffs on all goods and services imported from countries that “knowingly engage in the exchange of Russian-origin uranium and petroleum products”.

Graham said the bill would give Washington added leverage over countries “fueling Putin’s war machine” by purchasing Russian oil. He added that the legislation could be taken up for a bipartisan vote as early as next week, as diplomatic efforts to end the war in Ukraine continue.

India and Russia have long-standing ties, particularly in defence and energy. While India remains one of the largest buyers of seaborne Russian oil, its imports are expected to fall to a three-year low this month amid higher US tariffs and tighter sanctions.

India has maintained that its purchase of Russian oil is driven by national interest and global market conditions, and it will continue to buy energy from wherever it is available at competitive prices while ensuring sanctions compliance and due diligence. EAM S Jaishankar has repeatedly defended India’s Russian crude imports as a decision based on India’s economic needs and energy security, not political alignment.

Last year, Jaishankar also said that he was “very perplexed” about punitive measures and criticism directed at India over Russian oil, especially when US (during Joe Biden administration) had earlier urged India to help stabilise global energy markets, including by buying Russian oil.