India announced on Thursday that it is committed to ensuring energy security for its people and will continue to source from diverse suppliers based on market dynamics. These remarks came after the U.S. Congress took new actions to penalize energy buyers.
India's Warning to Washington
New Delhi has also warned Washington that any new actions in this regard could affect the relations between the two countries. This statement was issued after the U.S. House of Representatives passed a comprehensive bill on sanctions and tariffs aimed at increasing economic pressure on Russia due to the war in Ukraine.
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Provisions of the New U.S. Bill
The bill allows the U.S. President to impose heavy tariffs of up to 100 percent on various countries, including India, to reduce their dependence on Russian oil and gas, and to expand sanctions against Iran. This bill now requires the President's signature to become law.
The Indian Ministry of External Affairs stated that it has taken note of the passage of this bill and added that New Delhi has raised this issue with several U.S. officials in recent months and clearly articulated the potential impacts on bilateral relations and the international energy market.
India's Emphasis on Protecting Economic Interests
The ministry emphasized that India has made it clear that it is determined to take all necessary measures to protect its commercial and economic interests. Additionally, the Indian government will work closely with business and industrial entities to manage the implications of this law.
As the third-largest oil importer in the world, India is one of the largest buyers of Russian oil, recognized as a crucial source for funding Moscow since the onset of the war in Ukraine in 2022. India has repeatedly sought to resist pressures to reduce its oil trade with Russia, emphasizing that the large population and economy of the country require a secure, affordable, and reliable energy supply.
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