US-Russia Sanctions Bill Raises Fresh Tariff Risk for India
US-Russia Sanctions Bill Raises Fresh Tariff Risk for India; Energy and Exports in Focus New Delhi, August 8: India is facing renewed economic uncertainty after the US Senate passed legislation targeting countries that continue to purchase Russian energy, potentially exposing them to tariffs of up to 100 per cent if the measure is ultimately enacted and applied. The development has raised concerns over India’s continued purchases of Russian crude oil and the possible impact on bilateral trade with the United States. However, the Senate action does not mean that India has automatically been hit with a 100 per cent tariff . Russian crude has become a significant part of India’s oil import basket, with discounted supplies helping refiners manage costs. Any substantial reduction in Russian oil purchases could require refiners to source more crude from alternative suppliers, potentially increasing import costs. However, a decline in Russian oil purchases would not automatically push petrol...