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India’s Firm Response to US Threat of 100% Tariff; Oil Purchases from Russia to Continue
Delhi: The US has accelerated the legal process to impose a 100% import tariff on countries purchasing crude oil from Russia. The US Senate has passed the ‘Lindsey Graham Russia and Iran Sanctions Bill’ with a majority vote of 86-11, and the bill has now been introduced in the House of Representatives. A vote on the matter is likely to take place on Thursday. If passed, countries like India and China could face a direct 100% punitive tariff.
However, India has clearly refused to bow to this economic threat from the US. Ministry of External Affairs spokesperson Randhir Jaiswal stated on Tuesday, "No matter what the US does, India makes decisions regarding its energy needs while keeping the interests of its 1.4 billion citizens in mind. India will continue to purchase crude oil from Russia for its energy security and will not succumb to any pressure."
The bill contains a provision to impose a 100% tariff on the top five countries purchasing oil from Russia. Some US lawmakers have now demanded the explicit inclusion of India's name. Previously, the bill referred generally to "countries purchasing oil from Russia" without naming specific nations. Now, there are demands to explicitly name and impose tariffs on countries such as India, China, Turkey, Azerbaijan, Hungary, the Slovak Republic, the United Arab Emirates, Singapore, Kazakhstan, and Kyrgyzstan.
Sources close to the Indian government stated that the situation is being monitored, but India's policy on this issue will not change, and oil purchases from Russia will continue.
Delhi: The US has accelerated the legal process to impose a 100% import tariff on countries purchasing crude oil from Russia. The US Senate has passed the ‘Lindsey Graham Russia and Iran Sanctions Bill’ with a majority vote of 86-11, and the bill has now been introduced in the House of Representatives. A vote on the matter is likely to take place on Thursday. If passed, countries like India and China could face a direct 100% punitive tariff.
However, India has clearly refused to bow to this economic threat from the US. Ministry of External Affairs spokesperson Randhir Jaiswal stated on Tuesday, "No matter what the US does, India makes decisions regarding its energy needs while keeping the interests of its 1.4 billion citizens in mind. India will continue to purchase crude oil from Russia for its energy security and will not succumb to any pressure."
The bill contains a provision to impose a 100% tariff on the top five countries purchasing oil from Russia. Some US lawmakers have now demanded the explicit inclusion of India's name. Previously, the bill referred generally to "countries purchasing oil from Russia" without naming specific nations. Now, there are demands to explicitly name and impose tariffs on countries such as India, China, Turkey, Azerbaijan, Hungary, the Slovak Republic, the United Arab Emirates, Singapore, Kazakhstan, and Kyrgyzstan.
Sources close to the Indian government stated that the situation is being monitored, but India's policy on this issue will not change, and oil purchases from Russia will continue.
However, India has clearly refused to bow to this economic threat from the US. Ministry of External Affairs spokesperson Randhir Jaiswal stated on Tuesday, "No matter what the US does, India makes decisions regarding its energy needs while keeping the interests of its 1.4 billion citizens in mind. India will continue to purchase crude oil from Russia for its energy security and will not succumb to any pressure."
The bill contains a provision to impose a 100% tariff on the top five countries purchasing oil from Russia. Some US lawmakers have now demanded the explicit inclusion of India's name. Previously, the bill referred generally to "countries purchasing oil from Russia" without naming specific nations. Now, there are demands to explicitly name and impose tariffs on countries such as India, China, Turkey, Azerbaijan, Hungary, the Slovak Republic, the United Arab Emirates, Singapore, Kazakhstan, and Kyrgyzstan.
Sources close to the Indian government stated that the situation is being monitored, but India's policy on this issue will not change, and oil purchases from Russia will continue.
