Now Reading: India-US talks on Russian oil tariff Bill reassuring so far
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India-US talks on Russian oil tariff Bill reassuring so far
India is in talks with Washington over a US Senate Bill that proposes up to 100 per cent tariffs on countries buying Russian oil. Sources told thehindubusinessline that the discussions have been…
The Story in Brief
India is in talks with Washington over a US Senate Bill that proposes up to 100 per cent tariffs on countries buying Russian oil. Sources told thehindubusinessline that the discussions have been 'reassuring', although uncertainty remains because the measure is still in the legislative process. The Bill, named the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, must also pass the US House of Representatives, and the final decision on penalties could rest with President Trump.
Russia remains India's largest oil supplier, accounting for an estimated 52 per cent of India's crude imports in July 2026, worth $7.3 billion, according to the Global Trade and Research Initiative (GTRI). India is also seeking protection from future tariff hikes as part of the bilateral trade agreement being negotiated with the US.
The Indian Opinion
The narrative that India is boldly defying US pressure on Russian oil ignores the reality of India's deep defence and energy ties with Moscow. At the same time, claims that the US Bill will cripple Indian exports miss the point that it is still a legislative proposal, months from becoming law. The real test is whether the bilateral trade agreement's 'no further tariff increase' provision survives final negotiations and covers oil-related penalties. That will settle how much room India has to balance its partners.
Source: thehindubusinessline.com
This story was synthesised by AI from the source linked above.
