Informist, Friday, Jul. 4, 2025

NEW DELHI – External Affairs Minister S. Jaishankar has said that India conveyed its concern to US Senator Lindsey Graham over his bill that proposes a 500% tariff on goods imported from nations buying oil from Russia. The bill, if approved, could affect ongoing India-US bilateral trade agreement which both the countries are negotiating.

"We have been in touch with Senator Graham. The Embassy and the Ambassador have been in touch. Our concerns and our interests on energy, security have been conveyed to him," Jaishankar said in Washington, D.C. on Wednesday during an interaction with media.

Lindsey proposed a legislation to impose 500% tariffs on goods imported from countries buying oil from Russia if Moscow denies to participate in peace negotiations with Ukraine. The legislation aims to put pressure on Russia economically. India and China buy nearly 70% of oil exported from Russia. New Delhi increased oil imports from Russia since 2022 due to heavy discounts citing national interests.

The legislation has over 80 co-sponsors in the US Senate, making it politically significant. If approved, the bill could impact Indian exports to the US. In 2024, the Indian exports to the US were worth $80.77 billion and New Delhi had a trade surplus of $36.35 billion with the US, according to the data available with the commerce ministry. End

US$1 = INR 85.41

Reported by Kuldeep Singh

Edited by Akul Nishant Akhoury

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