Aware of proposed US bill to raise tariffs to 500 pc, dealing with 'great care': Govt

The government on Friday said that it is aware of the US bill that proposes to raise tariffs on countries buying energy products, including oil, from Russia to at least 500 per cent, adding that it is dealing with the issue with "great care". 

Emphasising that ensuring stable energy prices and secured supplies have been the twin goals of the country’s energy policy, Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal said during a weekly briefing that the country has focused its attention on the evolving issues around the US bill, titled the "Sanctioning of Russia Act 2025".

"The bill you are talking about, the proposed bill; we are aware of it. We have focused our attention on these issues and on this bill with great care," Jaiswal said during the briefing.

"Along with that, I would like to tell you that as far as the question of energy sources is concerned, you are well aware of what our attitude is and what our approach is. On energy sourcing, our position has been clarified several times," he noted.

Jaiswal said that whether India buys oil from one region or another, "we follow a broad approach". "It is based on two imperatives --one is the available or evolving global dynamics and two, the imperative to provide energy at affordable rates to our 1.4 billion people," he mentioned.

India has made it clear in the recent past that the country’s import policy for oil and gas is guided entirely by the interests of the Indian consumers amid a volatile global energy market.

"India is a significant importer of oil and gas. It has been our consistent priority to safeguard the interests of the Indian consumer in a volatile energy scenario. Our import policies are guided entirely by this objective. Ensuring stable energy prices and secured supplies have been the twin goals of our energy policy. This includes broad-basing our energy sourcing and diversifying as appropriate to meet market conditions," according to an earlier MEA statement.

"Where the US is concerned, we have, for many years, sought to expand our energy procurement. This has steadily progressed in the last decade. The current administration has shown interest in deepening energy cooperation with India. Discussions are ongoing,” the statement added.

Picture Courtesy: IANS