#India US talks# Russia sanctions bill# Lindsey Graham# Jaishankar response# Russian oil imports# India trade
Washington DC/IBNS-CMEDIA: India is engaging with American lawmakers over a proposed Russia sanctions bill introduced in the US Congress that seeks to impose steep tariffs on countries continuing trade ties with Moscow, External Affairs Minister S Jaishankar said on Wednesday.
The legislation, backed by Republican Senator Lindsey Graham, calls for a 500 percent tariff on imports from countries—including India and China—that maintain commercial relations with Russia despite its full-scale invasion of Ukraine three years ago.
Speaking at a press conference in Washington, Jaishankar said, “Regarding Senator Lindsey Graham’s bill, any development which is happening in the US Congress is of interest to us if it impacts our interest or could impact our interest.”
“Our concerns and our interests on energy, security have been made conversant to him (Lindsey Graham). So we’ll then have to cross that bridge when we come to it. If we come to it,” he added.
Senator Graham has pitched the bill as a tool to tighten pressure on Russia’s economy and force President Vladimir Putin to negotiate over the Ukraine war, while also giving Donald Trump discretion over its enforcement.
“India and China buy 70 percent of Putin’s oil. They keep his war machine going,” Graham told ABC. “My bill has 84 co-sponsors… If you’re buying products from Russia and you’re not helping Ukraine, then there’s a 500 percent tariff on your products coming into the United States.”
India, the world’s third-largest crude importer, turned to Russian oil in large volumes after Western sanctions kicked in following the Ukraine invasion in February 2022.
Attracted by steep discounts, India increased its Russian oil intake from under 1 percent of total imports to over 40 percent within a short span.
In June, Indian refiners proposed buying 2–2.2 million barrels per day (bpd) of Russian crude—the highest in two years—while imports in May stood at 1.96 million bpd.
If passed and implemented, the US bill could result in 500 percent tariffs on Indian goods entering the American market.
Meanwhile, India and the US are negotiating a trade agreement that could significantly reduce existing tariffs on Indian products.
