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New Delhi has defended its purchases of discounted Russian crude as essential for ensuring energy security and maintaining price stability.According to the Centre for Research on Energy and Clean Air, India imported Russian crude worth 4.5 billion euros in June, making it the world's second-largest buyer after China.
India's imports of Russian crude rose to a record high in June, increasing 34% from the previous month.
There has been an increase in imports of Russian crude by India since the Iran war.The bill must still pass both the Senate and the House of Representatives before it can be sent to President Donald Trump for approval.
However, the Modi government has taken strong note of the bill's introduction, as ET had earlier reported.
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India is closely monitoring developments involving a US bill that proposes imposing 100% tariffs on New Delhi for purchasing Russian oil, while exempting US purchases of uranium from Moscow and the European Union's imports of Russian LNG.If approved by the Trump administration, the bill could adversely affect India-US ties.The legislation, introduced in the US Senate on Thursday with the backing of more than 60 lawmakers, seeks to impose 100% tariffs on five countries, including India and China, for buying Russian oil, while exempting European nations that continue to purchase gas from Moscow. The bill was introduced by Democrat Senator Richard Blumenthal and Republican Senator Lindsey Graham Blumenthal has identified China, India, Slovakia, Hungary and Azerbaijan as the five countries currently expected to fall within the scope of the proposal. Besides exempting EU imports of Russian LNG, the proposed legislation also exempts US purchases of Russian uranium for nuclear reactors and medical isotopes, as well as activities carried out under US-Russia cooperation in the nuclear and space sectors.Sources here described the move as reflecting a policy of double standards and noted that efforts to choke Russian oil supplies at a time of heightened tensions around the Strait of Hormuz could further tighten global supplies, affecting India. New Delhi has defended its purchases of discounted Russian crude as essential for ensuring energy security and maintaining price stability.According to the Centre for Research on Energy and Clean Air, India imported Russian crude worth 4.5 billion euros in June, making it the world's second-largest buyer after China. India's imports of Russian crude rose to a record high in June, increasing 34% from the previous month. There has been an increase in imports of Russian crude by India since the Iran war.The bill must still pass both the Senate and the House of Representatives before it can be sent to President Donald Trump for approval. However, the Modi government has taken strong note of the bill's introduction, as ET had earlier reported. The proposal comes at a time when India and the US are working to finalise a trade deal.Last year, President Donald Trump imposed a 25% tariff on India over its purchases of Russian oil but later withdrew the measure as trade deal negotiations with New Delhi progressed.The proposed legislation comes at a time when the US has imposed 25% tariffs on Brazil, straining ties with South America's largest economy, while simultaneously carving out exemptions for certain Brazilian exports to the US to avoid fuelling inflation at home.
