US President Donald Trump’s waiver from sanctions, restrictions and tariffs under the Sanctioning Russia and Iran Act (SRIA) gives India temporary relief but offers no lasting certainty, and New Delhi should safeguard its energy security and buy oil on commercial terms, think tank GTRI said on Saturday.
It said that the move gives India relief from threatened additional duties of up to 100 per cent linked to Russian oil purchases.
“But the relief is reversible. Washington can restore the tariffs anytime, leaving India and other buyers uncertain about future US action,” the Global Trade Research Initiative (GTRI) said.
It also said SRIA remains a law, leaving Washington free to revive the tariff threat to extract concessions in bilateral trade talks.
The think tank added that Russia’s share of Indian oil imports fell from 51 per cent in July to 44 per cent in August as India bought more from the US, despite higher prices, and from the UAE.
“For India, the waiver buys time but offer
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