MEA monitoring developments of Russia sanctions bill in U.S. Congress

…Donald Trump for his signature, could result in significant U.S. tariffs on India. In a statement issued on Thursday (September 17), the MEA said that they have raised the issue with various U.S. interlocutors. “ Its potential implications for not just the bilateral relationship but also the international energy market have been very clearly articulated by the Indian side ,” reads the statement. The Ministry has stated that "India remains firmly committed to ensuring energy security for its 1.4 billion people”. This would be ensured through diversified sourcing and on the basis of…

…a vote this week. Ajay Srivastava of the economic think tank Global Trade Research Initiative said India could face additional US tariffs of up to 100% as the world’s second-largest buyer of Russian oil after China. “ Washington may use the tariff threat to pressure India to reduce Russian oil purchases and accept a deeply unequal trade agreement ,” he said. Russia supplied 51.1% of India’s crude imports in July, more than the United Arab Emirates, Saudi Arabia, Venezuela, Brazil, Oman and the US combined. “India should protect its energy security and continue…