Rama Krishna Sangem
India is facing one after the other blow from US President Donald Trump. This time, his backing to a bill moved by Republican senator Lindsey Graham is a blow. The bill seeks to impose 500 per cent tariff on imports into America by any country that purchases oil from Russia. India and China are the worst hit by this by this Bill if it becomes a law in the US congress.
We all know, India is buying more oil from Russia at concessional rates especially after the breakout of its war with Ukraine two years ago. Russia is offering discounted oil to improve its economy in the wake of sanctions from the US. One below 10 per cent, India’s oil imports from Russia are now at around 22 per cent of our total needs.
This bill signed by not less than 80 lawmakers in the US is expected to be backed by Trump all these days. Now he is believed to have made up his mind, to stop Russia from attacking Ukraine Trump thinks that Russia can be pressured to stop the war, if only its oil revenues fall drastically. This 500 per cent tariff will definitely discourage all countries from buying Russian oil. .
Jaishankar hopes against hope
External Affairs Minister S Jaishankar recently said that the Indian embassy and ambassador have been in touch with US Senator Lindsey Graham regarding the bill on Russia and India will have to cross that bridge if it comes to it. While addressing a press conference, Jaishankar stated that India’s concerns and interests on energy, security have been made conversant to Graham.
When asked about US plans to impose 500 per cent tariffs on the import of Russian Oil, Jaishankar said, “Regarding Senator Lindsey Graham’s bill, any development which is happening in the US Congress is of interest to us if it impacts our interest or could impact our interest. So, we have been in touch with Senator Graham. The embassy, ambassador have been in touch. Our concerns and our interests on energy, security have been made conversant to him. So, we’ll then have to cross that bridge when we come to it, if we come to it.”
So, Dr Jaishankar is only hoping against hope that the bill may not happen.
Graham’s sanctions bill on Russia would impose a 500 per cent tariff on imports from any nation that purchases Russian oil, gas, uranium and other products, The Hill reported. The bill has over 80 co-sponsors in the Senate, potentially making it veto-proof.
After the war erupted between Russia and Ukraine, the US and Western nations imposed sanctions on Moscow. However, India has continued to purchase Russian oil.
