Consider the following statements regarding the Sanctioning Russia and Iran Act (SRIA) and its implications for India's export trade:

Statements

1. The SRIA authorises punitive tariffs of up to 100 per cent on goods imported from the top buyers of Russian crude oil or natural gas, and India qualifies as one such buyer.
2. Under the SRIA framework, the US President has no waiver authority and any enacted tariffs take immediate and irreversible effect.