Taken note of US sanctions, looking into it: India's MEA

Times of Oman

2 days ago

New Delhi: The Ministry of External Affairs (MEA) on Friday responded to the US announcement of sanctions on Indian companies involved in trading with Iran.
MEA spokesperson Randhir Jaiswal during weekly media briefing stated that India has taken note of the sanctions and is currently reviewing the situation.
Jaiswal stated, "We have taken note of the sanctions, we are looking into it."
The US has imposed sanctions on 20 entities involved in Iranian petroleum, petroleum products, or petrochemical trade, and is identifying 10 vessels as blocked property, including seven India-based companies.
Jaiswal emphasised that India's energy sourcing decisions are based on market conditions and geopolitical developments.
When asked about Trump's comment on India potentially buying oil from Pakistan, Jaiswal declined to comment, stating, "I have no comments to offer in this matter."
This response comes after Trump announced a deal between the US and Pakistan to develop Pakistan's oil reserves.
"We have just concluded a deal with the country of Pakistan, whereby Pakistan and the United States will work together on developing their massive oil reserves," Trump posted on Truth Social. "We are in the process of choosing the oil company that will lead this partnership. Who knows, maybe they'll be selling oil to India some day!," Trump said.
MEA spokesperson Randhir Jaiswal clarified that India doesn't have any specific information on Indian oil companies stopping Russian oil purchases, emphasising that energy sourcing decisions are based on market availability and global circumstances.
"You are aware of our broad approach to energy sourcing requirements, that we look at what is available in the market and the prevailing global situation or circumstances. We are not aware of any specifics," said Jaiswal.
Jaiswal highlighted that India's relationship with Russia stands on its own merit, unaffected by third-party perspectives, emphasising a steady and time-tested partnership.
"Our ties with any country, or all the ties that we have with various countries, stand on their own merit and should not be seen through the prism of a third country. As far as India-Russia relations are concerned, we have a steady and time-tested partnership," said Jaiswal.
Jaiswal reaffirmed the strong India-US partnership, anchored in shared interests, democratic values, and people-to-people ties, expressing confidence in the relationship's continued growth.
"India and the United States share a comprehensive global strategic partnership anchored in shared interests, democratic values, and robust people-to-people ties. This partnership has withstood several transitions and challenges. We remain focused on the substantive agenda that the two countries have committed to and are confident that the relationship will continue to move forward," said Jaiswal.
Recently, Trump has signed a fresh executive order imposing revised tariffs for 70 countries, including India and Pakistan, in a move that is expected to strain global trade relations further.
Tariffs imposed on India's neighbouring countries are less than India's 25 per cent, except for Myanmar at 40 per cent. The new tariff for Pakistan is 19 per cent, Afghanistan 15 per cent , Bangladesh 20 per cent, Indonesia 19 per cent, Japan 15 per cent, and Sri Lanka 20 per cent.
The new tariffs, outlined in a sweeping order signed on Friday (IST), will come into effect from 12:01 a.m. Eastern Daylight Time on August 7.
The executive order states that the revised tariffs are aimed at addressing the national emergency declared earlier under Executive Order 14257.
Trump noted that he had "recently received, among other things", new information and had determined it "necessary and appropriate" to impose additional ad valorem duties on the goods of certain trading partners.
These new duties will replace those previously imposed under the same order, as amended.
Other countries on which the US imposed tariffs are higher than India include Iraq (35 per cent), Laos (40 per cent), Libya (30 per cent), Serbia (35 per cent), South Africa (30 per cent), Switzerland (39 per cent), and Syria (41 per cent).
Countries that imposed lower tariffs than India include the UK (10 per cent), Vietnam (20 per cent), Taiwan (20 per cent ), and South Korea (15 per cent), to name a few.
The order by Trump stated, "I have determined that it is necessary and appropriate to deal with the national emergency declared in Executive Order 14257 by imposing additional ad valorem duties on goods of certain trading partners".
The executive order further directs that these changes will apply to goods entering the US for consumption or withdrawn from warehouses on or after the effective date.
However, goods already in transit before the deadline, loaded on vessels and en route before August 7 and entering the US before October 5, 2025, will not be subjected to the revised duties but will instead continue under the previously applicable tariff rates under the amended Executive Order 14257.