New Delhi:
US Secretary of State Marco Rubio has said that President Donald Trump wants to take a 60-day period to analyse what imposing sanctions on Russia and tariffs on other countries would mean for the global economy and his country. Speaking to reporters before departing to Uzbekistan and India on Saturday, Rubio said it was "hard" for New Delhi to move away from Russian energy from one day to the next.
"The problem is that these sanctions were not just sanctions on Russia. They include tariffs on a number of countries, India, for example, and others. And so I think the president wants to take the 60-day period of time to sort of analyze what imposing both sanctions and tariffs will mean to the global economy and even to the US economy," the top US diplomat said.
Trump on Friday waived sanctions and tariffs under the 'Lindsey O Graham Sanctioning Russia and Iran Act', citing national interest. The law -- named in honour of Republican senator Lindsey Graham, a staunch supporter of Ukraine who died on July 11, empowered Trump to impose sweeping sanctions on Moscow and tariffs of up to 100 per cent on goods imported into the US from the five largest purchasers of Russian oil or natural gas, including India and China.
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"I think when the bill was passed, one of the reasons the waivers were put in there is understanding that they would need some period of time to study this, given all the different things that are going on in the world right now," Rubio said, referring to the pressure on global energy supplies due to the US-Iran war, the Houthi attacks on Saudi Arabia and the conflict between Ukraine and Russia.
"That's having an impact on global prices as well. So I think you have to take all of that into account and weigh it against each other. And then you've got countries like India, for example, that have voluntarily diversified their energy portfolio but are still getting a substantial amount of energy from Russia because it's hard to pivot from one day to the next. But they're also an important ally and partner of the United States. So the president, we need that period of time to sort of study all this and figure out what the right combination is," Rubio said.
SECRETARY RUBIO: I think the President wants to take this 60-day period to analyze what imposing both sanctions and tariffs will mean for the global economy and the U.S. economy. https://t.co/9DXVXnQeb5
— Department of State (@StateDept) October 18, 2026
Trump's waiver came days after he announced the US would import diesel from Russia, in a bid to bring down domestic fuel prices ahead of the midterms in November.
Why India Buys Oil From Russia
Russian crude emerged as a bargain for Indian refiners after President Vladimir Putin ordered invasion of Ukraine in February 2022, triggering Western sanctions and prompting many buyers to shun its oil.
The European Union banned seaborne imports of Russian crude, while the G7 imposed a price cap aimed at curbing Moscow's oil revenues without disrupting global supplies.
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With traditional buyers distancing themselves from Russia, Moscow redirected cargoes to Asia at steep discounts to benchmark Brent crude, at times approaching USD 40 a barrel for its Urals grade in early 2023.
India -- the world's third-largest consumer of crude oil -- then began importing from Russia as traditional supplies were diverted to Europe.
Russian oil accounted for around 2 per cent or less of India's imports before the war, but refiners rapidly increased purchases as discounted cargoes improved processing economics and helped contain the cost of imported energy.
Moscow then went on to become New Delhi's largest crude supplier and at times accounted for around 40-50 per cent of the country's total imports.
Last month, India reportedly imported about 1.9 million barrels per day of Russian crude, around 35% of the country's total oil imports for the month.
What India Said On US Bill
After the US Congress passed the 'Sanctioning Russia and Iran Act' (SRIA), India reiterated that it remains "firmly committed" to ensuring energy security for its 1.4 billion people.
"It will continue to do so through diversified sourcing and on the basis of evolving market dynamics," the Ministry of External Affairs had said in a statement on September 17.
"This issue has been discussed at high levels in recent months with various US interlocutors. Its potential implications for not just the bilateral relationship but also the international energy market have been very clearly articulated by the Indian side," it said.
"The Indian side has also made clear its determination to take all necessary measures to protect its trade and economic interests," it added.