India studying new US law on sanctions against Russian oil buyers: Piyush Goyal
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.
The bill, passed by the US House of Representatives, gives Trump broad powers to levy tariffs of up to 100 per cent on the top five purchasers of Russian oil and gas. China and India are among the top two buyers of Russian oil.
The bill also extends to Iran's energy and weapons sectors. The bill is named after the late Senator Lindsey Graham who passed away in July this year. He was one of Ukraine's strongest supporters in the US as the country is fighting a prolonged war with Russia. The bill includes exceptions for countries that import less than 15 per cent of their natural gas from Russia and are working to decrease their dependence.
The bill also includes sanctions against Russian President Vladimir Putin, senior members of the Russian government as well as banks and Russia's shadow fleet of tankers used to avoid sanctions.
