Russia gets its main source of income by selling oil to various countries. After starting the war with Ukraine, US President Joe Biden last week announced that Russian oil will not be imported to the USA. It will be banned. The USA has also put a lot of trade restrictions on Russia. The US had also said that if any country does certain specific business with Russia, then the restrictions that the US put on Russia would apply to the other country as well. The US had said that if anyone does business with Russia, it would mean they are also supporting the war. The world’s largest importer of oil is Saudi Arabia and after them is Russia. Many countries, including European nations, remain heavily dependent on fuel from Russia. India imports 85 per cent of its oil needs. Out of this, India buys just 1.3 per cent of all its oil needs from Russia. The rest is 15% we get from India.
However, now because of the war, and because of the sanctions on Russia by the USA, the price of oil has increased a lot. India then started looking for sellers who would sell their oil for a cheaper price. Russia then told the world that if anyone wants to buy oil from Russia, then Russia would give them a big discount. After much discussion, the Indian Oil Corporation (IOC), India’s top oil firm, has bought as much as 3 million barrels of crude oil from Russia. However, now many people are saying that because India bought oil from Russia, they might be sanctioned by the US. White House spokesperson, Jen Psaki, said, “Our message to any country continues to be that, follow the rules that we have put in place and recommended. India buying oil from Russia is not against our rules. But I think it is time that India decides on whose side they are. 10-20 years later when they write about this in history books, does India want to be known as a country that supported Russia and the war in Ukraine? Now India has to decide this.”
According to various sources, the USA is very unhappy with India doing business with Russia. Currently, the US has not imposed any sanctions on India. However, if it does, it may lead to a huge crash in the stock market, the price of the rupee would fall, the price of gold will go through the roof. India may have trouble importing crude oil then the price of petrol and diesel will increase. The US may even put a huge tax on items exported to the US. Now, we will have to wait and see what happens in the future. Share your opinion in comments on whether India should continue buying from Russia and supporting its economy. Or should India stop buying from Russia and save its economy?
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