ISLAMABAD: India on Friday said it is “closely following the developments” on a proposed US legislation that seeks to impose 500% tariffs on countries purchasing Russian oil, Indian media reported.

Reacting to the proposed legislation, India’s Ministry of External Affairs (MEA) said: “We are aware of the proposed bill. We are closely following the developments. Our position on the larger question of energy sourcing is well known. In this endeavor, we are guided by the evolving dynamics of the global market and by the imperative to secure affordable energy from diverse sources to meet the energy security needs of our 1.4 billion people,” the MEA said.

India is once again facing the heat of a proposed US law that would seek to levy as much as 500% tariffs on countries for buying Russian oil, after US Senator Lindsey Graham said President Donald Trump has “greenlit” the Russia sanctions bill.

‘Tremendous leverage’ against India

Graham, chairman of the Senate Budget Committee, said: “This bill would give President Trump tremendous leverage against countries like China, India, and Brazil to incentivize them to stop buying the cheap Russian oil that provides the financing for [Vladimir] Putin’s bloodbath against Ukraine.”

The bill, titled the “Sanctioning Russia Act of 2025”, enables the US administration to impose tariffs and secondary sanctions on countries buying Russian oil, gas, and uranium, among other goods.

“The President must increase the rate of duty on all goods and services imported from Russia into the United States to at least 500% relative to the value of such goods and services,” according to the bill.

Trade deal stalemate

Meanwhile, a planned India–US trade deal stalled because Prime Minister Narendra Modi did not call President Donald Trump, US Commerce Secretary Howard Lutnick claimed on Friday.

Lutnick made the remarks in an interview on the All-In podcast, a US business and technology show hosted by four venture capitalists.

He said, “It's all set up, and you have got to have Modi call the president,” and they were uncomfortable doing it. So Modi didn't call.”

Articles tagged with "Randhir Jaiswal"

‘Closely following developments’: India on US bill seeking to impose 500% tariff