"Will Protect Trade, Economic Interests": India On US' Russia Sanctions Bill, tell me about this news in (https://www.ndtv.com/world-news/india-on-us-congress-passing-russia-sanctions-bill-will-protect-trade-economic-interests-12057646)

Here is an overview of the news report from NDTV:

Background The United States Congress passed the “Sanctioning Russia and Iran Act,” a piece of legislation that empowers the US President to levy penaltiesincluding tariffs of up to 100 percenton goods imported from countries that are major buyers of Russian energy. Because India is among the largest purchasers of Russian crude oil globally, the bill directly concerns Indian trade and economic policy.

India’s Official Response In response to the passage of the bill, India’s Ministry of External Affairs (MEA) issued a statement making the following key points:

• Monitoring the Situation: New Delhi noted the passage of the act in the US Congress and stated that it is closely tracking further developments regarding the legislation.

• Energy Security Priority: India reaffirmed its primary commitment to securing energy for its 1.4 billion citizens, stating that it will maintain diversified sourcing based on evolving global market conditions.

• Bilateral Dialogues: The Ministry pointed out that India’s oil trade with Russia has already been discussed at high levels with US officials in recent months, emphasizing the potential fallout such sanctions could have on both US-India bilateral ties and global energy markets.

• Protection of National Interests: The Indian government asserted its firm determination to take all necessary measures to protect its trade and economic interests, adding that it will collaborate closely with domestic trade and industry bodies to address any potential impact from the US legislation.