India to take 'all necessary measures' to protect economic interests after US passes Russia sanctions bill

India to take 'all necessary measures' to protect economic interests after US passes Russia sanctions bill

India said on Thursday it would continue buying oil from “diversified” suppliers, after US lawmakers approved sanctions designed to squeeze Russia over its war in Ukraine. The US legislation targets Russia’s energy and defence sectors, President Vladimir Putin and other senior officials, as well as Moscow’s so-called shadow fleet of tankers used to circumvent Western sanctions. It also gives US President Donald Trump authority to impose tariffs of up to 100 per cent on major buyers of Russian oil and gas — including potentially China and India — in an effort to choke off revenue financing Moscow’s war. But India’s foreign ministry said it “remains firmly committed to ensuring energy security for its 1.4 billion people”. “It will continue to do so through diversified sourcing and on the basis of evolving market dynamics.” Moscow is one of New Delhi’s most important strategic partners and military suppliers. “The Indian side has also made clear its determination to take all necessary measures to protect its trade and economic interests,” the ministry added. India has navigated the energy crisis caused by the US-Iran conflict in part by turning to Russia, despite Moscow’s war in Ukraine and pressure from Washington and other Western capitals. Putin and Indian Prime Minister Narendra Modi held talks in New Delhi last week ahead of a Brics summit. “This issue has been discussed at high levels in recent months with various US interlocutors,” the ministry added. “Its potential implications for not just the bilateral relationship but also the international energy market have been very clearly articulated by the Indian side.” Indian refiners nearly doubled crude imports from Russia to 2.25 million barrels a day in March — the weeks after the Middle East war erupted — helped by temporary US waivers. Shipments hit a record 2.81m in July, according to trade intelligence firm Kpler, but have since dropped back to 2.07m last month.