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INDIA
Recently, US President Donald Trump warned of a 500 per cent tariff on countries buying Russian exports. The aim is to bring Russia to the negotiation table on the ongoing war with Ukraine, said the US administration.
Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, on Thursday, addressed concerns over potential US sanctions on crude oil imports from Russia, affirming "he's not worried at all". According to a report by Times of India, since 2022, Indian refineries have actively purchased Russian oil at reduced prices, unlike other countries that avoid these supplies due to Western-imposed sanctions on Moscow following its invasion of Ukraine.
Recently, US President Donald Trump warned of a 500 per cent tariff on countries buying Russian exports. The aim is to bring Russia to the negotiation table on the ongoing war with Ukraine, said the US administration. Meanwhile, Union Minister Puri hinted at India availing its energy needs from diverse sources, in case crude imports from Russia face US sanctions.
"The price of oil will come down as more sources of supply come. We have enough oil around," he said, adding "he's not worried at all and that if something happens, the nation is prepared to deal with it". "I am not worried at all. If something happens, we will deal with it," he said, adding, "Ek darwaja Band hota hai to doosra khul jata hai (when one door closes another one opens)", as quoted by news agency ANI.
"Russia is 10 per cent of global production. We have the analysis that if Russia were not included, the prices would have gone to 130 dollars a barrel. Even Turkey, China, Brazil, and even the EU have bought oil and gas from Russia," he added.
Trump's warning
US President Donald Trump, on Monday, announced a 100 per cent tariff on Russian exports, including oil, alongside equivalent secondary charges for nations importing Russian goods, to be enforced after a 50-day ultimatum for Moscow to conclude its conflict with Ukraine, reported Times of India.
However, the implementation strategy of Trump's announcement remains unclear. Moreover, NATO's new Secretary General Mark Rutte issued warnings to India, China, and Brazil regarding potential secondary sanctions due to their trade ties with Russia.
My encouragement to these three countries, particularly, is: if you live now in Beijing, or in Delhi, or you are the president of Brazil, you might want to take a look into this because this might hit you very hard," Rutte told reporters, as quoted by the outlet.