India said on Thursday that it remained firmly committed to ensuring energy security for its people and will continue to source supplies from diverse sellers based on market dynamics, hours after the US made a new move to punish such buyers.
New Delhi also said that it had warned Washington that any such new moves could impact ties between the two countries.
The statement came after the US House of Representatives passed a sweeping sanctions and tariff bill intended to increase economic pressure on Russia over the war in Ukraine.
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The legislation authorises US President Donald Trump to impose stiff tariffs of up to 100 per cent on countries, including India, to reduce their dependence on Russian oil and gas, as well as to extend sanctions on Iran.
The bill will now be sent to Trump who needs to sign it into law.
The Indian foreign ministry said that it had noted the passage of the bill, adding that New Delhi had raised the issue with various US interlocutors in recent months, and had “very clearly articulated” the potential implications for the bilateral relationship and the international energy market.
“The Indian side has also made clear its determination to take all necessary measures to protect its trade and economic interests,” it said in a statement.
The government would work closely with trade and industry bodies to deal with the implications of the legislation, it added.
India, the world’s third-biggest oil importer, is among the biggest buyers of Russian oil, which is seen as helping Moscow replenish its budget since the war in Ukraine in 2022 began, and it was hit with sweeping Western sanctions.
New Delhi has repeatedly sought to resist pressure to scale back its oil trade with Russia, saying its large population and economy need secure, affordable and reliable energy supplies.
Source: Khaleej Times