India studying new US law on sanctions against Russian oil buyers: Piyush Goyal

NEW DELHI: Commerce and Industry Minister Piyush Goyal said on Monday that India would first study the details of US tariffs that could be imposed on buyers of Russian oil under the new law, before taking up discussion on the matter "at an appropriate time."

The minister was responding to questions here on the 'Lindsey O. Graham Sanctioning Russia and Iran Act of 2026' that has just been signed into law by US President Donald Trump. The new law clears the way for the US administration to impose tariffs of up to 100 per cent on countries that continue to buy Russian oil and gas. The measure could expose major buyers such as India and China to higher duties on their exports to the US."The details are now emerging. We will study them and discuss the matter at an appropriate time," Piyush Goyal said at an event in the national capital. 

His remarks came after Trump signed the Lindsey O Graham Sanctioning Russia and Iran Act of 2026 into law on September 18.

The 100 per cent tariff is not an automatic duty, but the maximum tariff that the US could impose under the new law.

Meanwhile, India and the US continue to negotiate a bilateral trade agreement, with both sides remaining in regular touch on the issue. Goyal is expected to hold bilateral discussions with the US Trade Representative Jamieson Greer during the G20 Trade Ministerial in Milwaukee later this month. (IANS)

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