US Russia sanctions waiver offers India relief, experts say

US President Donald Trump waived sanctions, restrictions and duties under the Sanctioning Russia and Iran Act (SRIA) on October 16, citing US national interest, The Economic Times reported. Indian industry and trade representatives welcomed the move as relief for exporters and energy security, while warning that its reviewable nature leaves businesses exposed to policy uncertainty.

According to the report, the law authorises duties of up to 100% on countries purchasing Russian crude oil and gas, including India and China. The Friday-night executive order withheld some sanctions; the reported tariff ceiling is an authorised maximum, not a duty established as having been imposed on Indian goods.

Cheaper crude access, but limited certainty

FICCI Secretary General Anant Swarup said continued access to competitively priced Russian crude would help contain input costs, reduce inflationary pressure and sustain India's economic growth. He described the waiver of additional duties as welcome, though temporary.

Swarup cautioned that relief which can be changed or withdrawn at short notice does not give companies the certainty needed for long-term planning. He urged India and the US to prevent such measures from complicating their trade negotiations and to keep the economic partnership anchored in stability, transparency and mutual benefit.

Exporters seek a lasting trade understanding

Ajay Sahai, director general of the Federation of Indian Export Organisations, said the waiver headed off a significant risk to Indian exports. He expected it to improve overseas buyers' confidence and support orders, especially in employment-intensive industries such as textiles, leather, gems and jewellery, and engineering goods.

Sahai nevertheless warned that the possibility of a review creates uncertainty for future contracts and investment. Smaller exporters, in particular, need predictable tariffs over the longer term, he said, calling for a lasting trade understanding alongside efforts to improve India's competitiveness and broaden its export markets.

Deep Kapuria, chairman of Hi-Tech Gears and an international trade expert, also welcomed the decision. He said it could help resolve outstanding differences in negotiations for an India-US bilateral trade agreement.

Those assessments point to an expected benefit rather than a demonstrated rise in exports or fall in costs. The industry representatives' central concern remains whether the immediate reprieve will translate into reliable conditions for investment, sourcing and trade.