The US House of Representatives on Wednesday passed a sweeping sanctions and tariff bill aimed at increasing economic pressure on Russia over its invasion of Ukraine. The legislation targets Russia’s energy and defence sectors, President Vladimir Putin and other senior officials, as well as Moscow’s so-called shadow fleet of tankers used to circumvent Western sanctions.
The bill also authorises President Donald Trump to impose tariffs of up to 100 percent on countries, including India, in an effort to reduce their dependence on Russian oil and gas. It would also extend sanctions on Iran.
The legislation has now been sent to Trump to sign into law.
India’s foreign ministry said on Thursday that the country “remains firmly committed to ensuring energy security for its 1.4 billion people”.
The ministry said it had taken note of the bill’s passage and that New Delhi had raised the issue with various US interlocutors in recent months. India had also “very clearly articulated” the potential implications of the measures for bilateral relations and the international energy market, it said.
“The Indian side has also made clear its determination to take all necessary measures to protect its trade and economic interests,” the ministry said in a statement.
The Indian government will work closely with trade and industry bodies to address the implications of the legislation, it added.
India, the world’s third-biggest oil importer, is among the biggest buyers of Russian oil, a trade that is seen as helping Moscow replenish its budget since Russia launched its full-scale invasion of Ukraine in February 2022 and was hit with sweeping Western sanctions.
With the US legislation now awaiting Trump’s signature, India has placed its energy security, trade and economic interests at the centre of its response to the proposed tariff measures, highlighting the potential implications for both bilateral ties and the international energy market.
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