"We'll Cross The Bridge When We Get There": S Jaishankar On 500% Tariff Threat Over Russian Oil
India is engaging with American lawmakers over concerns surrounding a new Russia sanctions bill introduced in the US Congress, Foreign Minister S Jaishankar said on Wednesday.
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India's Russian oil imports reached 1.96 million barrels per day in May.
Washington:
Foreign Minister S Jaishankar stated on Wednesday that India is communicating with American lawmakers regarding a new Russia sanctions bill introduced in the US Congress. The proposed legislation, championed by Republican Senator Lindsey Graham, aims to impose 500% tariffs on nations—including India and China—that maintain trade relations with Moscow following Russia's invasion of Ukraine three years ago. When questioned about the bill's potential impact, Mr Jaishankar remarked that India will "cross that bridge when we come to it."
"With respect to Senator Lindsey Graham's bill, any developments occurring in the US Congress are significant to us if they affect or could affect our interests," the Minister stated during a Washington press conference.
"We have communicated our energy security concerns and interests to him (Lindsey Graham). So we'll need to cross that bridge when we come to it. If we come to it," he further noted.
#WATCH | Washington, DC | On a question by ANI regarding US plans to impose 500% Tariffs on import of the Russian Oil, EAM Dr S Jaishankar says, "Regarding Senator Lindsey Graham's bill, any development which is happening in the US Congress is of interest to us if it impacts our… pic.twitter.com/CvhbT6zMmH
— ANI (@ANI) July 2, 2025
About The Sanctions Bill
Senator Graham, who is backing this stringent new sanctions legislation against Russia, explained that the bill seeks to pressure countries such as India and China to stop purchasing Russian oil and other goods. The goal is to weaken Moscow's war economy, push Russian President Vladimir Putin toward Ukraine negotiations, and provide Trump with "a tool" to facilitate this outcome.
"Big breakthrough here. So what does this bill do? If you're buying products from Russia and you're not helping Ukraine, then there's a 500 per cent tariff on your products coming into the United States. India and China buy 70 per cent of Putin's oil. They keep his war machine going. My bill has 84 co-sponsors. It would allow the president to put tariffs on China and India and other countries to get them -- stop them from supporting Putin's war machine, to get him to the table," the US senator told ABC.
He did mention, however, that Trump would have waiver authority and could decide whether to enact the legislation if and when Congress passes it.
How The Bill Can Affect India
Despite Western sanctions, countries like India and China have continued purchasing discounted Russian oil, making them targets of the proposed legislation. India, the world's third-largest oil-importing and consuming nation, traditionally obtained its oil from Middle Eastern sources. However, following the Ukraine invasion in February 2022, India began importing substantial volumes of Russian oil, primarily because it was available at significant discounts compared to other international benchmarks due to Western sanctions and some European nations avoiding purchases.
This led to a dramatic increase in India's Russian oil imports, growing from less than 1% of total crude imports to approximately 40-44% in a brief period. In June, India increased its Russian oil purchases, with Indian refiners planning to import 2-2.2 million barrels per day of Russian crude—the highest volume in two years.
India's Russian oil imports stood at 1.96 million barrels per day (bpd) in May.
If the US implements this bill, it could result in massive 500% tariffs on Indian products exported to America. However, India is currently negotiating a trade agreement with the US, which would likely significantly reduce US tariffs on Indian goods.