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

Published
2
A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia, on June 4, 2023. — Reuters/File
A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia, on June 4, 2023. — Reuters/File

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.

Follow Dawn Business on X, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Fixing bond markets
Updated 01 Oct, 2026

Fixing bond markets

Pension funds, insurance companies, mutual funds, retail investors, and eventually, foreign investors must become bigger participants in the market.
Call centre rackets
01 Oct, 2026

Call centre rackets

A NUMBER of recent raids conducted by the authorities in different cities point to the growing threat fraudulent ...
Homeward bound
01 Oct, 2026

Homeward bound

FIVE months after Somali pirates captured an oil tanker carrying a 19-member multinational crew, Somali maritime...
Kashmir unresolved
Updated 30 Sep, 2026

Kashmir unresolved

The just solution lies in India addressing the issue through a trilateral dialogue involving the legitimate representatives of the Kashmiri people and Pakistan.
Water shortage
30 Sep, 2026

Water shortage

THAT the country is entering the Rabi season with an anticipated water shortage of nearly 25pc, the lowest carryover...
Young hearts
30 Sep, 2026

Young hearts

THE observance may have passed, but the message of World Heart Day should not fade with it. The occasion is a useful...