India Monitors US Bill Proposing 100% Tariffs On Russian Oil

India is closely monitoring a US bill that proposes to impose tariffs of up to 100 per cent on nations purchasing Russian oil and gas. The Ministry of External Affairs (MEA) stated that New Delhi is tracking the progress of the measure in Washington.

The proposed legislation cleared the US Senate with a decisive 86-12 vote, paving the way for the measure to be taken up by the House of Representatives for further legislative review.

MEA spokesperson Randhir Jaiswal stated that India is aware of the development and is closely monitoring the situation. He reaffirmed India's strategic approach towards fulfilling its domestic power and fuel requirements, emphasizing that national interest remains the core pillar of the country's energy policy.

Jaiswal highlighted that India maintains continuous dialogue with key official channels across the Atlantic regarding the proposed measures. He said that New Delhi remains engaged with relevant stakeholders in the US at various levels on this particular matter.

The proposed law would grant US President broad executive authority to enforce primary and secondary sanctions against Moscow and supporting entities. It would also empower the administration to enact trade duties reaching up to 100 per cent on goods imported from nations acquiring significant quantities of Russian hydrocarbons or assisting in circumvention efforts.

The designated list of nations that could be targeted by punitive duties includes India, China, Slovakia, Hungary, and Azerbaijan. The US Trade Representative would be mandated to conduct biannual evaluations every 180 days to review top purchasing nations and calibrate applied tariff structures according to shifting purchasing patterns.

India's position on energy security has been clarified and articulated on several occasions, with the spokesperson emphasizing that it is predicated on national priorities and on securing the energy needs of the country's 1.4 billion people through diversified sources, including the US.

The development comes as India continues to navigate its energy requirements amidst the ongoing Russia-Ukraine conflict. The Indian government has been working to diversify its energy sources, including increasing imports from the US.

In terms of significance, the proposed US bill could have implications for India's energy security and trade relationships with the US and other nations. India would need to carefully consider its options and engage in diplomatic efforts to mitigate any potential negative impacts.

The situation is being closely watched by Indian officials, and the outcome of the proposed legislation could have far-reaching consequences for the country's energy sector and economy as a whole.