The US President has forbidden India to buy Russian oil. Which Indian oil companies did not accept and have continued to buy oil. But do you know that if India stops importing crude oil from Russia to avoid American threats for additional duty or fine on Indian exports, the country’s annual oil import bill can increase by US $ 9-11 billion. There may be a loss of billions of rupees. Therefore, it will not be easy for India to stop buying Russian oil.
India is the third largest oil in the world to buy and import. Western countries imposed several sanctions on Russia after the attack on Ukraine in February 2022. After this, India took great advantage by buying cheap oil from Russia. But now US President Donald Trump has spoken about 25% tariff (fee) (fee) (fee) on Indian goods and a fine on buying oil and weapons from Russia, which has changed the situation.
Oil import will be damaged
The US has issued a notice of 25% tariff, but the amount of fine has not been cleared yet. Researcher Sumit Ritolia of Global Analyst Capler called it “two -way pressure”. On the one hand, the European Union restrictions are affecting Indian refineries, on the other hand the threat of American tariff can damage India’s Russian oil trade. He said that these steps reduce India’s freedom to buy oil, increase the risk of following the rules and create uncertainty in cost.
According to Kepler’s data, India’s Russian crude oil imports decreased significantly in July. However, this deficiency can also be somewhat due to the demand for regular maintenance and weak monsoon of refineries. This deficiency is more visible in government refineries. Private refineries are also now looking for different options in oil purchases.