India faces 100% tariff threat over Russian oil after US House vote
Summary
The US House of Representatives has passed a bill allowing President Donald Trump to impose sanctions and up to 100% tariffs on countries buying Russian oil and gas. India, a major buyer of Russian crude oil, faces economic risks from this bill as it relies heavily on discounted Russian oil to meet its energy needs.Key Facts
- The US House passed a bill giving President Trump power to sanction countries buying Russian oil and gas, with tariffs up to 100%.
- India buys about 37% of Russia's crude oil exports, making it one of the largest customers along with China.
- Russian oil made up around 30% of India's crude imports in fiscal 2026, worth about $40.8 billion.
- The bill could lead to tariffs on Indian exports to the US, impacting India's economy beyond just oil imports.
- India says it is closely watching the situation and is committed to ensuring energy security.
- Replacing Russian oil would increase costs due to higher crude prices, shipping, and insurance.
- The bill pressures India to change its trading practices with Russia under threat of economic penalties.
- The US may shorten the usual 180-day deadline for countries to reduce Russian energy imports.
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