India Studying Details of US Tariffs on Russian Oil Buyers: Piyush Goyal
- On September 18, President Donald Trump signed the Graham Sanctioning Russia and Iran Act, empowering his administration to impose tariffs of up to 100% on countries purchasing Russian oil and gas.
- The legislation expands sanctions on Russia's energy and defense sectors, targeting Moscow's so-called "shadow fleet" to increase economic pressure on Russia over the war in Ukraine.
- Taking effect within 30 days, the law allows duties on imports from the five biggest Russian oil buyers based on purchase volumes during the 12 months before enactment, though specific countries remain unnamed.
- Industry Minister Piyush Goyal said on Monday that India is examining the legislation's details, as major importers like China and India face potential tariff risks from their reliance on Russian energy.
- For New Delhi, the threat adds uncertainty to its trade relationship with Washington, as the government defends oil purchases as essential for energy security and controlling domestic fuel costs.
31 Articles
31 Articles
India’s Oil Buyers May Cut Russia Cargoes As US Risk Rises
Indian refiners, currently eyeing deliveries for the month of November, could cut back purchases of crude shipments from Russia after a sweeping US sanctions bill was signed into law, raising the threat of fresh punitive tariffs.
Indian refineries can reduce crude oil purchases from Russia due to a new US sanctions bill that increases the threat of new duties. The world ' s third largest oil buyer has purchased more than half of its imports from Russia in recent months, trying to compensate for high prices and continuing disruptions in flows from the Middle East, but, according to sources involved in the negotiations, in the last few days the major processors have b…
India Warns US That New Russian Oil Tariff Law Could Damage Relations
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India Eyes Sharp Shift Away From Russian Oil Following Trump’s Sanctions Bill
Indian refiners are preparing to reduce purchases of Russian crude oil after US President Donald Trump signed a bill allowing 100% tariffs on countries importing Russian energy, according to Bloomberg on September 21.
Trump's "Hell Sanctions" forced New Delhi to review Moscow's purchases.
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