India buys oil based on global market offerings: MEA on US sanctions

Responding to the US announcement of sanctions on Indian companies involved in trading with Iran Ministry of External Affairs MEA Spokesperson Randhi Jaiswal on Friday said New Delhi is currently reviewing the situationJaiswal stated We have taken note of the sanctions we are looking into itWeekly Media Briefing by the Official Spokesperson August 01 2025httpstcoe1AadhLBObmdash Randhir Jaiswal MEAIndia August 1 2025The 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 Indiabased companies ANI reportedThe MEA Spokesperson emphasised that Indias energy sourcing decisions are based on market conditions and geopolitical developmentsWhen asked about Trumps comment on India potentially buying oil from Pakistan Jaiswal declined to comment stating I have no comments to offer in this matterThe MEArsquos response comes after the US President announced a deal between Washington and Islamabad to develop Pakistans oil reservesWe 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 theyll be selling oil to India some day Trump saidJaiswal also clarified that India does not have any specific information on oil companies stopping Russian oil purchases emphasising that energy sourcing decisions are based on market availability and global circumstancesYou 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 JaiswalHe highlighted that New Delhirsquos relationship with Russia stands on its own merit unaffected by thirdparty perspectives emphasising a steady and timetested partnershipOur 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 IndiaRussia relations are concerned we have a steady and timetested partnership said the MEA SpokespersonDespite the roadblocks in the ties Jaiswal reaffirmed the strong IndiaUS partnership anchored in shared interests democratic values and peopletopeople ties expressing confidence in the relationships continued growthIndia and the United States share a comprehensive global strategic partnership anchored in shared interests democratic values and robust peopletopeople 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 he saidTrump recently 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 furtherHowever the tariffs imposed on Indias neighbouring countries are less than 25 per cent except for Myanmar 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 centThe fresh tariffs outlined in a sweeping order signed on Friday will come into effect from 1201 am Eastern Daylight Time on August 7The executive order states that the revised tariffs are aimed at addressing the national emergency declared earlier under Executive Order 14257The US President 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 partnersThese new duties will replace those previously imposed under the same order as amendedOther 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 centCountries 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 fewThe 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 partnersThe 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 dateHowever goods already in transit before the deadline loaded on vessels and en route before August 7 and entering the US before October 5 will not be subjected to the revised duties but will instead continue under the previously applicable tariff rates under the amended Executive Order 14257With ANI inputs