Oil : India has clarified its position after the passage of the US law giving the right to impose tariffs up to 100 percent on countries purchasing crude oil from Russia. The Government of India has said that ensuring energy security of the people of the country is its primary responsibility. India will continue to procure energy from various sources and stick to its strategy of reducing dependence on any one country. India has also indicated that it will take necessary steps to protect its economic and trade interests keeping in mind the availability and prices of oil in the international market. US law gives the President the authority to impose additional tariffs of up to 100 percent on countries that buy energy from Russia.
Talks have taken place with America
According to Indian officials, bilateral discussions have been held with US representatives regarding the proposed tariffs. India told America that such unilateral steps could affect the global energy supply system and increase pressure on crude oil prices in the international market. India is among the world’s major crude oil importers and purchases oil from many countries to meet its energy needs. The Government has consistently emphasized energy security, affordable and reliable supply and diversification of sources.
Cheap Russian Oil and India’s Interests (Oil)
Relatively cheap crude oil from Russia has helped Indian refineries manage costs amid rising international prices and supply conditions. India says that decisions related to energy purchase will be taken keeping in mind the country’s energy security and national interests. At the same time, the issue of possible additional duties on countries like India purchasing Russian energy due to the US law may also impact India-US trade relations. India has made it clear that it will take necessary steps to protect its economic interests.