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Russian Crude Imports: At this time 50 percent tariff is placed on India with America. In addition to the base tariff of 25 percent of these, 25 percent of 25 percent has been applied as penalty due to purchasing cheap oil from Russia. In such a situation, India has asked the US that if it allows New Delhi to import oil from Iran and Venezuela, then India will stop purchasing oil from Moscow.
Russia, facing international sanctions amidst the Ukraine War, started offering cheap oil. India imports about 90 percent of its needs. In such a situation, the purchase of oil at cheap prices from Russia has helped India to reduce the import bill to a great extent.
India’s condition in front of the US
However, India can also get similar cheap oil from Iran and Venezuela. According to a Bloomberg report, during the US visit this week, Indian authorities strongly put their stand on the issue of oil imports before the Trump administration.
He said in his suggestion that Indian refiners would need to allow the permission to import oil from Iran and Venezuela from Washington to cut the procurement of oil from Russia. Because these two countries are currently imposed international restrictions.
India’s aggressive side
Significantly, this visit of Indian officials has taken place at a time when Washington has put a huge tariff of 50 percent on New Delhi. However, despite the penalty, the purchase of cheap oil from Russia is still going on by India.
At the time of tour of New York, Union Commerce Minister Piyush Goyal indicated that India wants to increase the purchase of oil and gas from the US. He said that America will contribute to our energy security goals. Significantly, since the war between Ukraine and Russia started in 2022, India has increased a tremendous increase in the purchase of crude oil from Moscow.
