India's Ministry of External Affairs (MEA) stated on Friday that it is closely monitoring a proposed U.S. bill that seeks to impose a 100% tariff on Russian oil purchases by five countries, including India. MEA spokesperson Randhir Jaiswal confirmed during a media briefing that the government is aware of the legislation and is following developments closely.
We are closely following these developments, and we are aware of the proposed legislation,
Jaiswal said.
Key Details
The proposed bill, known as the
Senator Lindsey O. Graham Sanctioning Russia Act of 2026,
was introduced by Democratic Senator Richard Blumenthal and aims to hold major purchasers of Russian oil and gas accountable for supporting Russia's actions in Ukraine. This revised legislation comes after a bipartisan group of over 60 U.S. Senators replaced an earlier proposal for blanket tariffs with more targeted measures.
Jaiswal emphasized that India's crude oil imports are determined by its energy security needs and a diverse sourcing strategy. He noted that India imports oil from various countries and maintains regular maritime traffic with the Persian Gulf, where seven Indian flagships are currently operating. The MEA's response highlights India's commitment to ensuring energy security amid potential sanctions.
Background
For further context on U.S. tariffs, see the article on US Senators Propose Tariffs on India Over Russian Oil.
The proposed tariffs could raise costs for Indian importers of Russian oil, potentially affecting India's energy prices and trade balance. Investors will watch for further developments as the U.S. Congress considers the bill and its implications for global oil supply chains.