Business news · Global · 24 Sept 2026
The Sanctioning Russia and Iran Act (SRIA), signed into US law in mid-September, gives the US President authority to impose tariffs on countries that buy Russian crude. External Affairs Minister S. Jaishankar met US Secretary of State Marco Rubio and set out India's interests and concerns about the law. Rubio said the US could help partners with their energy security. India is the world's third-largest crude buyer, and Russia remains its top source of seaborne oil, at more than half of imports in some recent months.
Indian refiners have relied on discounted Russian barrels to support refining margins. If tariff pressure pushes them toward Middle Eastern, US or Latin American grades, crude costs and the margin cushion change for listed refiners and oil marketers. Because the threat is a tariff on India's exports, the law also hangs over the pending India-US trade deal, which matters for export-heavy sectors. So far the law only grants authority. The report mentions no tariff order against India.
Reported by Business Standard — “EAM Jaishankar, Rubio discuss impact of Russia-linked sanctions on India” ↗ on 24 Sept 2026.
NSE stocks, from the last close on or before 24 Sept 2026 to the close on 15 Oct 2026.
| Sector | Stocks | Median move | Up | vs all stocks |
|---|---|---|---|---|
| Oil Gas & Consumable Fuels | 19 | -0.9% | 5 of 19 | +2.8 pts |
| All tracked stocks | 804 | -3.8% | 191 of 804 | — |
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