India Pushes Back on U.S. Tariff Threat Over Russian Oil
India will continue prioritizing the energy security of its population despite attempts by the United States to squeeze Russian oil and gas exports, many of which go to India, the country’s Foreign Ministry said today. It also warned that any move by Washington that affects energy security concerns could sour bilateral ties. “The Indian side has also made clear its determination to take all…
India stands firm against U.S. pressure to curtail Russian oil imports, emphasizing its commitment to safeguarding energy security, according to the country's Foreign Ministry. The Ministry's warning suggests that any actions by the U.S. impacting energy security could strain bilateral ties between the two nations. The Ministry also highlighted its determination to protect India's trade and economic interests, as reported by Reuters.
The U.S. has recently introduced a sanction bill that could impose tariffs of up to 100% on imports of Russian energy commodities. This move comes in the wake of the latest anti-Russian sanctions bill, which includes similar tariffs for nations still engaged in trade with Russia. The ultimate aim of these sanctions appears to be to diminish Russia's export revenues in hopes of compelling it to withdraw from the conflict in Ukraine. However, past attempts at sanctions have not yielded the expected outcomes.
India is among Russia's largest consumers of oil. In August, Russian crude accounted for over half of India's total oil imports, marking the highest proportion of Russian oil in the country's crude imports. Last month, Russia exported approximately 2.47 million barrels of oil to India daily, a 62.4% increase compared to the same period last year.
Russian crude now constitutes nearly 50.83% of India's total oil imports, the highest share among India's oil suppliers. Prior to the current situation, India had been the second-largest importer of Russian crude, capitalizing on the discounted prices resulting from sanctions imposed by Western countries. Despite the current predicament, Indian demand for Russian crude remains robust due to the lack of cheaper alternatives.
India's relationship with Russia remains strong, yet it also serves as a crucial ally of the United States in the Asian region.
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