NEW DELHI: India has conveyed its concerns to US Senator Lindsey Graham who is sponsoring a sanctions bill that will, if approved, impose 500% tariffs on India, China and others who purchase Russian oil, external affairs minister S Jaishankar said.
Graham was quoted as saying earlier this week that President Donald Trump had told him to bring to vote the bill that might help the US force Russia to join peace negotiations on Ukraine. Kremlin, however, has warned that it could adversely impact peace efforts.
"Any development in the US Congress is of interest to us if it impacts or could impact our interests. We have been in touch with Senator Graham. The embassy and our ambassador have been in contact as well," Jaishankar said.
While India has traditionally sourced its oil from West Asia, it ramped up purchase from Russia after the invasion of Ukraine in Feb 2022.
India's import of Russian oil grew dramatically from less than 1% to 40% in 3 yrs
This was mainly because of the discount offered by Russia to offset the impact of western sanctions. India's import of Russian oil grew dramatically from less than 1% of its total crude oil imports to 40% in three years.
"Our concerns and our interests on energy security have been communicated to him (Graham). So, we'll then have to cross that bridge when we come to it, if we come to it," Jaishankar said.
"Russia's stronghold over new markets has solidified in the third year of the invasion. The three biggest buyers, China (₹78 billion), India (₹49 billion) and Turkiye (₹34 billion) were responsible for 74% of Russia's total revenues from fossil fuels in the third year of the invasion," global think tank Centre for Research on Energy and Clean Air said in a report earlier this year.
Graham was quoted as saying earlier this week that President Donald Trump had told him to bring to vote the bill that might help the US force Russia to join peace negotiations on Ukraine. Kremlin, however, has warned that it could adversely impact peace efforts.
"Any development in the US Congress is of interest to us if it impacts or could impact our interests. We have been in touch with Senator Graham. The embassy and our ambassador have been in contact as well," Jaishankar said.
While India has traditionally sourced its oil from West Asia, it ramped up purchase from Russia after the invasion of Ukraine in Feb 2022.
India's import of Russian oil grew dramatically from less than 1% to 40% in 3 yrs
This was mainly because of the discount offered by Russia to offset the impact of western sanctions. India's import of Russian oil grew dramatically from less than 1% of its total crude oil imports to 40% in three years.
"Our concerns and our interests on energy security have been communicated to him (Graham). So, we'll then have to cross that bridge when we come to it, if we come to it," Jaishankar said.
"Russia's stronghold over new markets has solidified in the third year of the invasion. The three biggest buyers, China (₹78 billion), India (₹49 billion) and Turkiye (₹34 billion) were responsible for 74% of Russia's total revenues from fossil fuels in the third year of the invasion," global think tank Centre for Research on Energy and Clean Air said in a report earlier this year.
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