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CPI(M) MP V Sivadasan on Monday gave a notice under Rule 267 in Rajya Sabha, seeking suspension to discuss the implications of a recently passed Bill in the US Senate that imposes tariffs of up to 100 per cent on India over its import of Russian oil.
Sivadasan said the move cannot be viewed as anything other than an attempt to intimidate India and added that it cannot be allowed. "For India, where Russian crude reportedly makes up over 40 per cent to 50 per cent of its oil supply, scaling back purchases would cause severe trade and energy supply disruptions, especially given ongoing transport constraints through the Strait of Hormuz," he said. The CPI(M) MP said the impact would be felt by ordinary citizens through rising retail inflation and increased living costs. "The increased import costs would eventually trickle down to local petrol and diesel pumps. Costlier transportation fuels would raise logistics expenses nationwide, driving up prices for daily necessities like groceries, food items, and essential consumer goods," Sivadasan said. He further stated that export-dependent domestic industries such as textiles, pharmaceuticals, and manufacturing could face reduced sales, potentially leading to job slowdowns and pressure on household budgets. On Friday, the US Senate passed a bipartisan bill that could authorise President Donald Trump to levy tariffs of up to 100% on goods from countries, including India and China, that continue importing Russian oil and gas, maintaining that such trade helps sustain Moscow's economy and fund its military operations in Ukraine. The Senate approved the Lindsey O Graham Sanctioning Russia and Iran Act of 2026 by an overwhelming 86-11 vote. Named after the late Republican Senator Lindsey Graham, one of its principal architects, the legislation aims to escalate economic pressure on Russia and Iran while targeting nations that maintain major energy trade ties with Moscow. (ANI)
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