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Informist, Monday, Sept. 21, 2026

 

--Minister Goyal on US' Russia sanction act: Too early to comment

 

NEW DELHI – Commerce Minister Piyush Goyal Monday said it is too early to comment on recent US legislation proposing tariffs on buyers of Russian oil, as India is studying its details. His comments came after US President Donald Trump signed the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 into law Friday. The law gives Trump the authority to impose tariffs of up to 100% on countries that continue to purchase energy from Russia. 

 

Since the Russia-Ukraine war began in 2022, India has emerged as one of the world's largest buyers of discounted Russian crude oil, with Russia now accounting for a substantial share of India's crude oil imports. "It has been only two days since the bill was passed. We are still studying the details," Goyal said. 

 

The proposed tariffs do not automatically mean that India is subject to 100% tariffs. However, the legislation gives the US the authority to impose such tariffs. 
 

Negotiations on the India-US trade pact have seen many ebbs and flows, with both the countries continuing to negotiate a bilateral trade agreement. Goyal reiterated that the deal will be finalised as soon as the US gives India preferential treatment compared to its peers. "The deal is 99% done. The 1% is left for preferential access compared to other emerging market economies," he said.

 

The US is India's largest export destination. India exported goods worth $42.79 billion to the US during Apr-Aug, up 6.2%, while it imported goods worth $28.09 billion from the US, up 65.8%. India and the US had a total trade of $132.14 billion in FY26, with India exporting goods worth $86.51 billion to the US and importing goods worth $45.63 billion. End

 

US$1 = INR 95.82

 

Reported by Pratiksha

Edited by Saji George Titus

 

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