The US Congress recently passed an amendment bill linked to Russia and Iran sanctions. The bill creates a pathway for imposing 100% tariffs on countries buying Russian oil and gas. Following this development, concerns emerged about possible tariffs on India. However, the Indian government said it has taken note of the bill but will not compromise on its decisions.
The Ministry of External Affairs responded on Thursday regarding the matter. The ministry said India has acknowledged the passage of the US Congress law related to Russia and Iran sanctions.
India Keeps Focus On Energy Security
According to the Ministry of External Affairs, India continues to monitor future developments around the legislation. The government highlighted that energy security remains its highest priority. The ministry stated that India will not compromise on meeting the energy needs of 140 crore people. It also reaffirmed its commitment towards ensuring stable energy security.
Furthermore, India clarified that it will continue purchasing energy from different sources. The country will avoid dependence on any single nation or supply source.
The government said future energy decisions will depend on changing international market conditions. India will consider evolving market situations while deciding its energy imports.
India Signals Protection Of Economic Interests
Meanwhile, India and the US have held several high-level discussions about possible effects of American sanctions. India said it raised this issue with different US officials at senior levels. Additionally, India highlighted that the issue can affect global energy markets. The government does not view the matter only as a bilateral India-US concern.
India also indicated that it will take necessary steps to protect trade and economic interests. The government remains committed to safeguarding national economic priorities.
Moreover, the government will work with Indian trade and industry groups. It will coordinate closely to handle possible impacts from the US legislation.
No Final Impact Assessment Yet
At present, India has not released a final assessment of the possible economic effects. The Ministry of External Affairs said it will continue watching further developments. Therefore, India’s message focuses on two priorities. The country will maintain energy security while protecting economic interests.
However, the government has not revealed specific actions it may take against the possible US tariff measures.
