The government today said that it will take all necessary steps to protect its economic interests and ensure energy security. The External Affairs Ministry said that country remains firmly committed to ensuring energy security for its 140 crore people and will continue to do so through diversified sourcing and on the basis of evolving market dynamics. The statement came amid the passing of a bill by the US House of Representative that will allow US President Donald Trump to impose tariffs of up to 100 per cent on countries such as India and China for procuring Russian crude oil.

The Ministry said that this issue has been discussed at high levels in recent months with various US interlocutors. Its potential implications for not just the bilateral relationship but also the international energy market have been very clearly articulated by the Indian side. The Ministry said that the Indian side has also made clear its determination to take all necessary measures to protect its trade and economic interests. The government made it clear that it will work closely with Indian trade and industry bodies to deal with the implications of these developments.

The sanctions bill was passed by the US Senate last month. The House of Representatives passed the bill in a 262-159 vote last evening. It will become a law once US President signs it. The bill seeks to impose sanctions not only on Russia’s leadership and energy sector, but also on the shadow fleet of vessels that enable Moscow to evade sanctions on oil deliveries. It also seeks to authorise US President to impose stiff tariffs on China, India and other countries to reduce their dependence on Russian oil and gas, as well as additional sanctions on Iran.