India-Russia ties in spotlight as US Senator pushes for targeting business with Moscow
Graham was referring to the Sanctioning Russia Act of 2025, which was introduced in America's Senate in April this year. The bill proposes steep American tariffs on goods and services exports from countries that purchase Russian-origin oil, natural gas, uranium, and petroleum products. It also pushes for expanded sanctions against Russian businesses, government institutions, and top policymakers.
India was the second-largest buyer of Russian fossil fuels in May 2025, according to the Centre for Research on Energy and Clean Air. It is estimated that India purchased fossil fuels worth 4.2 billion euros from Russia in May, with crude oil amounting to 72% of the total.
The proposed bill also allows the President of the United States to issue a one-time waiver of 180 days to a particular country in case 'the President determines that such a waiver is in the national security interests of the United States'.
The bill is intended to put economic pressure on Russia and force it to the negotiating table to end the Ukraine war. Graham, a close political ally of President Trump, has called on India to cut economic ties with Russia.
'To China and India: if you continue to prop up Putin's war machine, you'll have nobody to blame but yourself,' he wrote on X on June 13.
So far, the Sanctioning Russia Act of 2025 has been read twice and referred to the Committee on Banking, Housing, and Urban Affairs. It will subsequently have to be passed by the Senate, the House of Representatives, and signed by Trump before it becomes law.
During an interview on Sunday, Senator Graham, who is the main sponsor of the bill, pushed for the Sanctioning Russia Act to be passed quickly.
Prashant Vashisht, senior vice president at ICRA, an investment information and credit ratings agency, said trying to push Russian oil out of the market could cause a price shock. 'Exports from major suppliers like Iran and Venezuela have already been restricted by sanctions. If India and other countries are forced to stop buying Russian oil, then prices would rise,' said Vashisht.
'India does face a risk of disruption to energy supplies. For example, we have been seeing increasing tensions in West Asia involving countries like Iran. While the situation is still uncertain, disruption of energy exports from major oil producers in the region due to an escalation would be disruptive. If you add to this by taking Russian oil out of the market, then that would create a challenging situation for India.'
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