India Monitors US Bill Threatening 500% Tariff on Russian Oil, Defends Purchases

• India is closely monitoring a proposed US bill that seeks to impose a 500% tariff on crude oil purchases from Russia.
• US Senator Lindsey Graham drafted the bill, stating former President Donald Trump has approved the legislation.
• India defends its Russian oil purchases, citing market dynamics and the energy needs of its 1.4 billion population.
• The bill aims to pressure countries like India, China, and Brazil to stop buying Russian oil, which funds Russia's war in Ukraine.
• Russia's share in India's total oil imports surged from 1.7% in 2019-20 to 35.1% in 2024-25 due to discounted rates.

Why It Matters: India defends its Russian oil imports amidst US pressure and a proposed 500% tariff bill.