Union Finance Minister Nirmala Sitharaman has emerged on Friday amid American pressure on India’s purchase of oil from Russia. The Finance Minister has said that India will continue to buy Russian oil. He reiterated that the country will take decisions only on the basis of its energy needs and interests. Sitharaman said in an interview, India will continue to buy Russian oil. We have to decide according to our needs from where we have to buy oil. This will be our decision. The Finance Minister’s statement shows that despite the heavy tariff, India is not going to come under American pressure.
The US has imposed 50 percent tariff on India since August 27. In this, 25 percent tariffs have been imposed as a penalty to buy Russian oil and 25% recipe is a counter tariff. The Trump administration has recently told the US Supreme Court that 25 percent extra tariff on India has been imposed on Russian oil purchases. The Trump administration said that this tariff has been imposed on India under IEEPA (International Emergency Economic Power Act), so that the national emergency related to the Ukraine war can be dealt with and strengthening efforts to bring peace in that war -torn country.
Tariff was imposed for oil purchase
Not only this, America has also alleged that India is buying cheap oil from Russia and selling other countries at expensive prices. Russia is getting financial help from India’s shopping, which is helpful in war with Ukraine. America is calling it a step promoting war. However, it is completely justified to buy India’s Russian oil. India has already said in its reply that buying Russian oil is completely legal and no international sanctions are applicable on it. The reality is that India is getting a lot of help with cheap Russian oil. Not only this, the prices of oil in the world were under control to buy Russian oil, due to which the economy of many countries has been safe.
India benefits from buying Russian oil
India is getting crude oil from Russia at a low price. After the US sanctions, now more exemption on Russian oil is getting around $ 3-4 per barrel. A Bloomberg report showed that Russia had reduced prices for ships loaded in September and October. In comparison, the oil coming from America is more expensive by about $ 3-5 per barrel. This is the reason why buying Russian oil is a profitable deal for India.