India Reiterates Energy Security Amid US Tariff Update

The Ministry of External Affairs (MEA) clarified India's stance on importing Russian oil following the US revoking additional tariffs applied to such purchases. The US announced a bilateral trade agreement framework wherein India agreed to stop importing oil directly or indirectly from Russia, according to a White House statement.

The MEA emphasized that its energy sourcing strategy focuses on diversifying supply in response to market conditions and international dynamics. This strategy is designed to ensure energy security for India's vast population of 1.4 billion. Addressing inquiries, the MEA reaffirmed its dedication to preserving national energy security as a primary concern.

India's government consistently states that the energy security of 1.4 billion citizens remains paramount. All related decisions are guided by this objective, according to the MEA spokesperson. Meanwhile, the US-India trade framework agreement features reciprocal tariffs, with the US imposing an 18 percent rate on select Indian exports, including textiles and machinery, pending the agreement's successful conclusion. This paves the way for potential tariff removals on pharmaceuticals and aircraft parts by 2025.