India has reiterated its commitment to maintaining energy security following the passage of a law in the United States Congress that allows the Donald Trump administration to impose heavy tariffs of up to 100% on countries like India that import Russian oil.
Increase in Russian Oil Imports
Since the onset of the war in Ukraine in 2022, India, the world's third-largest oil importer, has significantly increased its imports of cheap Russian oil. The country has nearly doubled and tripled its energy resource purchases from Russia, despite international condemnations.
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China and India have become the largest customers of Russian oil, with India importing at least 88% of Russian crude oil. These purchases have impacted India's relations with the United States, leading to disagreements between the two countries regarding energy imports from Russia.
Message from the Indian Ministry of External Affairs
The Indian Ministry of External Affairs stated that it has taken note of the passage of this law and has raised the issue with several American officials in recent months, clearly articulating its implications for bilateral relations and the global energy market.
The statement read: "India is firmly committed to ensuring energy security for its 1.4 billion people." The Ministry also announced that the Indian government will work closely with business and industrial entities to address the consequences of this law.
The new law, referred to as the "Lindsey O. Graham Russia and Iran Sanctions Act of 2026," targets the Russian energy and defense industry as well as its "shadow fleet" of oil tankers that evade existing sanctions. The aim of this law is to deprive Moscow of financial resources to fund its war with Ukraine.
Senator Richard Blumenthal stated after the passage of this law: "China and India better buy their oil and gas from elsewhere." This law also exempts countries that import less than 15% of Russia's natural gas exports, which will likely benefit European countries.
Last year, the five largest importers of Russian natural gas included China, France, Japan, Hungary, and Belgium. However, countries other than China will be exempt from tariffs under this provision.
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Source: independent.co.uk
