New US tariffs unlikely to deter India from buying Russian oil – media
- 2 hours ago
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Source: RT News
Record purchases of Russian oil in July show that India won’t be deterred by new US sanctions
India is unlikely to reduce its Russian oil purchases, despite a new sanctions bill that imposes steep tariffs on Russia’s top oil buyers passing in the US Senate, Indian media reports suggest.
The Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, which features sanctions targeting Russia’s top oil customers while protecting US allies, passed the US Senate on Friday in an 86-11 vote. India is Russia’s second-largest oil customer, behind China.
The bill, championed by the late senator and backed by President Donald Trump, will allow the Trump administration to impose up to 100% tariffs on imports from the five top buyers of Russian oil.
However, steep tariffs might not be enough to stop India, which shares a long relationship with Russia, with roots in the Cold War.
“India has long-enduring ties with Russia, and its defense and energy relationship is deeply entrenched,” the Hindu Businessline reported, quoting a source. “It cannot simply be given up under external pressure.”
New Delhi did not cut back on its purchases even as the bill advanced through the US Senate, the source reportedly said.
India’s crude imports from Russia jumped to 2.8 million barrels per day and accounted for 55% of purchases in July, as a waiver on US sanctions lapsed the previous month.
“This gives a fair idea about what the government has in mind and its unwillingness to curtail its ties with Moscow,” the source said.
“India has a lot going with the US, including work on a bilateral trade agreement,” the report quoted a second source as saying.
“Imposing high tariffs on Indian goods is not a good idea for the American consumers as well.”
India is holding back on finalizing its trade deal with the US despite months of negotiations, as it seeks clarity on the outcomes of ongoing trade investigations that could see tariffs blunting any competitive advantage the deal provides.
The continuing disruptions to oil and gas shipments through the Strait of Hormuz could also harden India’s resolve to keep buying more Russian oil as it seeks to secure energy supplies.
The Graham bill’s stated aim is to squeeze the Russian economy by choking off oil revenues and force President Vladimir Putin to end the Ukraine conflict.
In June, Indian Foreign Minister S. Jaishankar called out Western double standards over Russia sanctions and the use of them according to the needs of the US and Europe. “Let’s not pretend there’s some great principle involved here. I don’t think making this about sanctimony is really warranted,” he told journalists in Finland.
The bill still has to clear the House, where some lawmakers are skeptical of handing over more authority for sanctions and tariffs to Trump, and its impact on domestic consumers.
