Mumbai: Reports have emerged that Russia’s share in India’s crude oil imports has reached a new high. According to June data, Russia accounted for about 48 percent of the crude oil imported by India.
The bill imposing economic sanctions on Russia has been passed in the US Senate. Last week, the US Senate approved a new sanctions bill that authorizes the imposition of a 100 percent tariff on countries that import large quantities of crude oil and natural gas from Russia.
This bill has been drafted targeting the top 5 countries that buy the most of Russia’s energy resources. These include India, China, Azerbaijan, Hungary, and Slovakia. To stop the war against Ukraine and cut off Russia’s financial sources, this bill gives U.S. President Donald Trump full authority to impose tariffs of up to 100% on export goods from these countries.
In this way, the bill also provides for imposing a 100 percent tariff on goods such as those from India and China when they are imported into the United States. In this context, information has emerged that India is importing more crude oil from Russia.
In June of the current year, India imported 18.2 million metric tons of crude oil. Of this, India received 8.7 million metric tons of crude oil from Russia. In this way, Russia’s share in India’s crude oil imports stands at 48 percent.
It is reported that India increased its crude oil imports from Russia because of the West Asian war.
India and China are reportedly among the leading countries importing large quantities of crude oil from Russia. On one hand, there is the United States’ move to impose a 100 percent tariff; on the other, the challenges in crude oil imports caused by the West Asian war. How India is going to tackle these issues will become clear in the coming days.