European Union in preparing to clamp down on India
The European Union (EU) has finally succumbed to US President Donald Trump. The EU is now planning to ban Indian and Chinese companies helping Russia’s oil trade by obeying Trump. According to a report by Al Jazeera, the EU is soon going to bring a package of new sanctions, in which action can also be taken against companies in India and China who are helping in Russian oil transactions. This step is being taken due to continuous pressure from America.
Actually, Trump has recently given strict warning to European countries. He has said that if the European union does not take concrete steps on Russia, then the US itself can impose heavy tariffs on European countries. Trump wants European countries to increase strictness on Russia like America and take action on foreign companies that are helping Russia to sell or buy oil.
Its real objective is to prevent Russia’s income, especially its oil earnings. America believes that if Russia stops getting money from oil, it will not be able to continue the war against Ukraine for long.
Companies of India and China may be banned
According to a report by Bloomberg, the European Union (EU) is now considering some new restrictions that may have a direct impact on companies in India and China. These are the same companies that are working as a middle link in buying and selling Russia oil.
Apart from this, there has also been a proposal from the US, which has been asked to impose tariffs of up to 100% on India and China. The purpose of this proposal is to prevent Russia from selling oil in the world market and earning profits from it. The US and its allies want these routes of Russia’s income to be closed so that it does not move forward the war in Ukraine.
Tussle remains inside EU
However, not all the European Union (EU) countries are in favor of imposing strict restrictions on Russia. Countries like Hungary and Slovakia, which are still largely dependent on Russian oil, are opposing these new restrictions. EU has already exempted these countries for some time, but as the deadline of 2027 is getting closer, their concern is increasing. These countries say that going to any other oil source will prove to be very expensive and difficult for them. Now EU, understanding the concerns of these countries, is working on such measures so that all member countries can jointly implement the next ban package effectively.
EU almost stopped taking oil from Russia
It is worth noting that at one time the European Union (EU) used to get about 27% of its total crude oil from Russia, but now it has come down to just 3%. This decline has been due to the restrictions implemented from 2022. Similarly, earlier EU used to meet its 45% natural gas from Russia, which has now come down to just 13%. That is, Europe has reduced its dependence on Russian energy to a great extent. However, Russia is still exporting its oil through countries like India and China, which is getting financial help. For this reason, both America and now the European Union are trying to break this supply chain and are preparing to take more strict steps.
Russia got India-China support
According to the report, China and India are the largest two countries to buy energy from Russia. In 2024, China bought about 109 million tonnes of crude oil from Russia, which is about 20% of its total energy imports. At the same time, India ordered 88 million tonnes of oil this year, which was about 35% of its total oil imports.
US President Donald Trump has recently imposed an additional 25% tariff on Russian oil coming from India. After which the total tax on India became 50%. However, no such fee has been imposed on China at the moment, as business relations between the US and China are already quite sensitive. To maintain this balance, Trump has appealed to the European Union and NATO countries to impose up to 100% tariffs on China. They believe that if Russia’s energy is banned and the pressure on China-India increases, then the Ukraine can help end the war.