New Delhi, Sept. 21: India is examining the details of potential US tariffs targeting countries purchasing Russian oil, Union Commerce and Industry Minister of India Piyush Goyal said on Monday, shortly after the US House of Representatives approved a bill aimed at increasing economic pressure on Russia over its invasion of Ukraine.

Addressing a media briefing, Goyal said, “Information is now being revealed. We will examine it and talk with you about it at a suitable time.”

The legislation allows US President Donald Trump to impose tariffs of up to 100 per cent on China, India and other countries to reduce their reliance on Russian energy.

The move comes as India and the US seek to advance negotiations on a broader trade deal, with New Delhi emphasising the need to safeguard its trade and economic interests.

Goyal’s remarks came after the US House of Representatives approved the sanctions and tariff bill last week.

The legislation grants the US President the power to impose tariffs of up to 100 per cent on products from major buyers of Russian oil or natural gas, subject to the conditions outlined in the law. However, the proposed tariffs do not necessarily mean that India will face a 100 per cent duty.

The law gives the US Government the authority to impose tariffs at that level and also allows exemptions under certain conditions.

India remains a major importer of Russian crude oil. Its purchases of Russian oil increased significantly following the outbreak of the Ukraine conflict, while the share of Gulf countries in India's crude oil imports declined.

India has previously stated that potential US tariffs linked to Russian oil purchases could affect both bilateral relations and global energy markets. Ministry of External Affairs spokesperson Randhir Jaiswal said India was committed to safeguarding its trade and economic interests while seeking a “balanced and mutually beneficial” trade partnership with the US.

“We have expressed our commitment to taking all necessary steps to safeguard our trade and economic interests... The Government will work closely with Indian trade and industry bodies to address the implications of developments related to the legislation,” Jaiswal said.

“Our commitment to a balanced and mutually beneficial trade relationship with the US needs no further elaboration,” he said.

India and the US are engaged in discussions on a bilateral trade agreement, having previously established an interim trade framework. The recent US legislation could add another complication to those negotiations.-Agencies