India will not yield to US’s tariff pressures: New Delhi

New Delhi: India has made it clear that it will not yield to the United States’ decision to impose import tariffs of up to 100% on countries importing crude oil from Russia, stressing that protecting the country’s energy security remains a priority.

The Ministry of External Affairs said India has conveyed its determination to take all necessary steps to safeguard its trade and economic interests. The ministry was responding to the US House of Representatives' passage of the Lindsey Graham sanctions bill, which includes measures against countries that purchase Russian oil and gas.

India said it is closely monitoring developments following the US Congress's action to impose sanctions on Russia and Iran. Even if sanctions are imposed, India has maintained that it will continue to take steps to ensure energy availability and secure supplies from diversified sources.

India has repeatedly maintained that ensuring energy security for its 140 crore people remains a priority. It has also indicated that energy procurement will continue to come from diversified sources, taking into account market fluctuations.

The US House of Representatives passed the sanctions bill with 262 members voting in favour and 159 against. The US Senate had approved the legislation last month with an 86-11 vote. The measure will take effect once signed by US President Donald Trump.

The legislation gives the US president the authority to impose import tariffs of up to 100% on countries purchasing Russian crude oil and natural gas. India and China are the largest consumers of Russian crude oil.

If India continues to import energy from Russia, the legislation paves the way for Washington to impose tariffs of up to 100% on Indian products entering the US market.

The bill also provides exemptions for countries that import less than 15% of Russian natural gas exports or reduce their imports from Russia.