India Warns of Trade Impact as US Congress Passes Russia, Iran Sanctions Bill

India has said it will take steps to protect its trade and economic interests after the US Congress passed legislation imposing sanctions related to Russia and Iran, while reiterating its commitment to securing energy supplies for its 1.4 billion people.

India’s Ministry of External Affairs said the government was monitoring further developments surrounding the Sanctioning Russia and Iran Act and would work with trade and industry bodies to address its potential effects.

“India remains firmly committed to ensuring energy security for its 1.4 billion people,” the ministry said, adding that it would continue to source energy from diversified suppliers based on changing market conditions.

The government said it had raised the potential consequences of the legislation with US officials during high-level discussions in recent months, including its possible impact on both India-US relations and international energy markets.

India did not specify the measures it may take in response to the legislation, saying only that it had conveyed its determination to take “all necessary measures” to safeguard its trade and economic interests.

The statement comes as India, one of the world’s largest energy importers, continues to emphasise diversified energy sourcing and market-based procurement as part of its energy-security policy.

Source: FSX Business News