US Targets Russia Oil Trade Partners: Washington, enraged by the way Moscow carried out heavy bombing last week amid the Ukraine-Russia war, is now going to impose more stringent sanctions on it. For this, its oil exports will be targeted. If this happens, India will suffer a major setback and will be unable to purchase oil from Russia at a low price. One of the US senators has proposed this way to ban Moscow’s crude oil business.
India imports approximately 2 million barrels of oil daily, which is worth around $154 million, according to data from February. If this law is passed in the US Parliament, then the supply of oil from Russia will be in danger for India. US Senator Blumenthal states that India and China together import approximately 70 per cent of their oil from Russia. He says that this bill was prepared after extensive discussions with France, Germany, and Britain, which have recently imposed strict bans on Russian ships.
It Will Be Challenging To Buy Crude Oil From Russia.
Suppose this proposal is passed in the US Parliament. In that case, importing Russian oil will become very difficult for India, as countries buying oil from Russia will be subjected to secondary sanctions, such as a 500% tariff. By bringing this law, America has tried to target Russia and India in particular.
During the financial year 2024-25, India purchased Russian crude oil worth approximately $50 billion, accounting for about 35 per cent of the total crude oil imported by India.
39 Percent Oil Imports From Russia
The countries from which India imports major oil include Russia and Iraq, among others. In May, the share of Russian oil in New Delhi’s total imports was approximately 39%. After that, 22 per cent of the oil was imported from Iraq. News channel CNN reports that MPs from both US parties, the Democratic and Republican parties, are lobbying to tighten the US ban on firearms. So far, more than 80 senators have signed this bill.
