No pressure from US to cut Russian oil imports, Oil minister Hardeep Singh Puri
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Oil Minister Hardeep Singh Puri said India has faced no US pressure to reduce Russian crude imports. US President Donald Trump waived fresh sanctions and duties on Russian energy exports under a new law, sparing India from potential tariffs of up to 100%.
India has faced no pressure from the US to reduce its Russian crude imports, oil minister Hardeep Singh Puri said on Tuesday at an industry event."I never felt anything," Puri said when asked if there has been pressure to cut Russian oil imports.
US President Donald Trump earlier this month waived fresh sanctions, restrictions and duties on Russian energy exports under a law enacted last month, citing national interest and bringing relief to India from potential tariffs of up to 100%. Trump invoked a provision in the law that allows the President to grant a waiver from further punitive measures if such a step is in the US national interest.
Trump invoked a provision in the law that allows the President to grant a waiver from further punitive measures if such a step is in the US national interest. “Pursuant to section 115(a) of the Graham Act, I hereby waive the application of any duties provided for in sections 112 and 113,” he said in an executive order late on Friday.
The Lindsey O Graham Sanctioning Russia and Iran Act proposed tariffs of up to 100% on imports from the top five purchasers of Russian oil and gas, including China and India, within 30 days of its enactment on September 18.
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Following the waiver, India will not be penalised for sourcing oil from Russia, its biggest supplier.
Moscow LNG plan on track
In August, Russian crude accounted for roughly 44% of India’s total oil imports. India is also planning to purchase liquefied natural gas from Russia under long-term contracts.
Trump’s waiver comes in the wake of a deal with Russia for the supply of diesel to the US. It also comes days ahead of US Secretary of State Marco Rubio’s visit to Mumbai and Jamnagar. Rubio is expected to visit the world’s largest single-site oil refinery, operated by Reliance Industries in Jamnagar.
On Thursday, US envoy to India Sergio Gor said Trump would take a decision on the waiver within the next 10 days.
India had informed the US on several occasions that any tariffs under the new law would adversely impact bilateral relations.
“Good sense has prevailed for now, but constantly holding a loaded gun to your strategic partner’s head is no way to build a sustainable long-term partnership. Diplomacy by hostage-taking is bound to come unstuck,” an expert told ET on condition of anonymity.
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Figures reflect the source report and its stated period. This article is for information and is not investment advice.
