India Closely Monitoring US Bill Proposing Up To 100% Tariffs On Russian Energy Buyers

New Delhi, Aug 1 (KNN) India is closely monitoring a proposed bipartisan US Senate Bill that could impose tariffs of up to 100 percent on countries purchasing Russian energy, while engaging with stakeholders in Washington on the issue, the Ministry of External Affairs (MEA) said.

India Monitoring Proposed US Tariffs On Russian Energy Buyers

MEA spokesperson Randhir Jaiswal said India's energy procurement decisions will continue to be guided by national priorities and the need to ensure energy security for its 1.4 billion population, reported Businessline.

India has maintained that it sources energy from diversified suppliers based on affordability, availability and national energy security requirements. The US is also among India's energy sources, Jaiswal said.

US Senate Bill Seeks Tariffs Of Up To 100%

The proposed legislation, introduced by a bipartisan group of US senators, seeks to increase economic pressure on Russia by authorising tariffs of up to 100 percent on imports from countries that continue to purchase Russian oil, gas and other energy products.

The Bill is yet to complete the US legislative process, and its final scope and implementation remain uncertain.

India Defends Diversified Russian Crude Purchases

India has significantly increased purchases of discounted Russian crude since 2022, when the Russia-Ukraine conflict began, as Western sanctions reshaped global oil markets.

New Delhi has repeatedly said that as a major energy-importing economy, it needs to maintain a diversified supplier base to ensure stable supplies and protect consumers from volatility in global crude prices.

India Engages US Stakeholders Over Proposed Legislation

Jaiswal said India remains engaged with relevant stakeholders in the US at various levels as it monitors developments around the proposed legislation.

(KNN Bureau)