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Tariffs

India Conveys Concerns to US Senator Over Proposed Sanctions Bill

Strategic Insights

— 1 min read

India has expressed its concerns to US Senator Lindsey Graham over a proposed sanctions bill that could impose 500% tariffs on countries purchasing Russian oil, including India. The bill, if approved, could impact India's energy security. India has traditionally sourced its oil from West Asia but has increased purchases from Russia since the Ukraine invasion in February 2022.

Key Takeaways:

  • India's import of Russian oil has grown dramatically from less than 1% of its total crude oil imports to 40% in three years, mainly due to the discount offered by Russia to offset the impact of western sanctions.
  • India has communicated its concerns and interests on energy security to Senator Graham, and its embassy and ambassador have also been in touch with the senator.
  • The proposed sanctions bill could impact India's energy security and has been of interest to India, as it could impact its interests.
  • Russia's stronghold on new markets has solidified in the third year of the invasion, with India, China, and Turkiye being the biggest buyers, accounting for 74% of Russia's total revenues from fossil fuels.
  • The report by the Centre for Research on Energy and Clean Air highlights the significant increase in Russian oil sales to Asia, mainly due to India and China.
  • India's reliance on Russian oil has increased since the Ukraine invasion, with India becoming one of the three biggest buyers of Russian oil, along with China and Turkiye.

Statistics:

  • India's import of Russian oil grew from less than 1% of its total crude oil imports to 40% in three years.
  • Russia's total revenues from fossil fuels in the third year of the invasion were 74% from the three biggest buyers, China, India, and Turkiye.
  • The amount of Russian oil sold to India was $49 billion in the third year of the invasion.
  • China purchased an estimated $78 billion worth of Russian oil in the third year of the invasion.
  • Turkiye bought $34 billion worth of Russian oil in the third year of the invasion.

Sources:

  • Times of India
  • Centre for Research on Energy and Clean Air (Note: This source was mentioned in the original report, but the exact title and date of the report are not provided. If the date were known, it would be included.)

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