Crude oil
There is still a tussle between India and America. First Donald Trump threw a 50 percent tariff on India. Then increased the application fee for the visa. America is constantly pressurizing India not to buy Russian oil. Now a statement has also come from India, in which the country is ready to reduce the import of Russian oil. But America will have to allow him to buy oil from Iran and Venezuela. Both these countries are large oil suppliers, but America has banned them.
Citing the war between Russia and Ukraine, America has asked India not to buy Russian oil. In the name of this, the US has also imposed an additional 25 percent tariff on India. India has opposed this tariff.
These are options
According to Bloomberg report, India can get cheap oil from Iran and Venezuela besides Russia. During the recent visit to the US, Indian authorities have raised the issue of oil imports in front of the Trump administration in a strong manner. He suggested that Indian refineries need to allow oil imports from Iran and Venezuela to reduce oil procurement from Russia. However, there are still international sanctions on these two countries.
Shopping from america
Even after the US has imposed penalty, India is still buying oil from Russia. However, with this, Union Commerce Minister Piyush Goyal has definitely made this gesture at the time of his visit to America. India is completely dependent on foreign countries for crude oil. The country asks 90 percent of its needs from outside.