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Energy crisis and diplomatic tension are increasing globally due to the Russia-Ukraine war. Meanwhile, the US has warned of 100 percent tariffs by taking a tough stance on the countries of oil importing oil from Russia, especially India and China. Former US President Donald Trump has currently granted 50 days’ deferment and clarified that if there was no peace agreement between Russia and Ukraine during this period, the US would impose secondary tariffs on the countries buying oil from Russia. India currently imports about 33 percent of its oil requirements from Russia, as Russia provides India cheaper crude oil than other countries. Despite this pressure from America, India’s Petroleum Minister Hardeep Singh Puri has made it clear that India will give priority to its national interests and is not afraid of American threats. He also said that currently the supply in the global oil market is sufficient and there is a possibility of a fall in oil prices in India.
