US Secretary of State Marco Rubio Makes Statement on Russian Energy
US Secretary of State Marco Rubio stated that it is difficult for India and other countries to abruptly abandon Russian energy, and announced that the US administration has initiated a 60-day review process.
US Secretary of State Marco Rubio reported that President Donald Trump has requested a 60-day period to analyze the impact of potential sanctions against Russia and tariffs to be applied to various countries, including India, on the global and domestic economies.
Making statements to journalists ahead of his visits to Uzbekistan and India, US Secretary of State Marco Rubio stated that the sanctions target not only Russia but also cover tariffs on many countries, including India. Rubio emphasized that India is diversifying its energy portfolio, but it is difficult for it to cut ties with Russian energy overnight.
US President Donald Trump had postponed the sanctions and tariffs under the 'Lindsey O Graham Sanctioning Russia and Iran Act' citing national interests. Named after the late Republican Senator Lindsey Graham—who supported Ukraine and passed away on July 11—the law authorized imposing comprehensive sanctions on Moscow and tariffs of up to 100 percent on goods exported to the US by the top five oil and gas buyers, including India and China.
Rubio stated that pressures in the global energy supply, the US-Iran conflict, Houthi attacks on Saudi Arabia, and the Russia-Ukraine war affect global prices. Noting that India is an important ally and partner of the US, Rubio expressed that this 60-day period is needed to find the right combination.
Following Russia's invasion of Ukraine and Western sanctions, India rapidly increased its imports from Russia as Moscow redirected crude oil to Asia at discounted prices. The share of Russian oil, which was 2 percent or lower before the war, reached a significant portion of the country's total imports; according to recent data, India imported approximately 1.9 million barrels of Russian crude oil per day last month. Following the bill passed by the US Congress, the Indian Ministry of External Affairs had emphasized that it was committed to ensuring the energy security of its 1.4 billion citizens through diversified sources.