India warned that a US bill allowing President Donald Trump to impose tariffs of as much as 100 percent on top buyers of Russian oil could hurt ties between New Delhi and Washington and disrupt global energy markets.
The US Congress gave final approval Wednesday to the sweeping sanctions bill, which now goes to Trump for his signature. The president plans to sign it in the coming days, according to a White House official.
In a strongly-worded statement Thursday, New Delhi said it had discussed the issue with US officials in recent months. “Its potential implications for not just the bilateral relationship but also the international energy market have been very clearly articulated by the Indian side,” India’s Ministry of External Affairs said.
US-India ties have come under strain over the past year over tariff tensions and Trump’s claims that he helped mediate an end to fighting between India and Pakistan.
While the two sides have since sought to repair relations, including by easing tariffs on Indian goods, they have yet to finalize a trade agreement.
The latest US measure targets the five biggest buyers of Russian oil or natural gas, potentially exposing India, China and US ally Turkey to new levies.
India is currently Russia’s top buyer of seaborne crude, but its refiners have already been leaning on the US, Brazil, Canada, Venezuela and Africa for additional and more varied supplies.
Despite that, Indian state-owned refiners are facing the most significant supply uncertainty in months as the impact of a drawn-out conflict in the Middle East is compounded by the prospect of tighter US restrictions on Russian purchases, according to a Bloomberg News report.
“The Indian side has also made clear its determination to take all necessary measures to protect its trade and economic interests,” the New Delhi statement added. “India remains firmly committed to ensuring energy security for its 1.4 billion people.”
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