New Delhi: There is a tussle going on between America and India regarding Russian oil because of which US President Donald Trump imposed an additional tariff of 25% on India on August 6. America had already imposed a 25% tariff on India. Now after this new decision a total of 50% tariff has been imposed on India. That is India will have to pay double the tax while buying goods from America. Now America says that India should not support Russia during the Russia-Ukraine war and Putin is getting economic help by selling Russian oil to India. Let us know what will happen if India does not buy oil from Russia and how India is helping Russia by purchasing its oil. How did India support Russia? Western countries have imposed strict economic sanctions on Russia since the Ukraine war started. Europe and America have almost stopped buying oil and gas from Russia. A large part of Russias economy depends on the sale of oil and gas. In such a situation countries like India and China have given it economic support by buying oil from Russia on a large scale. India is Russias largest oil buyer This deal has also been beneficial for India as Russia has sold crude oil to India at a much cheaper price than the international market. According to the data till 2021 India used to buy only 2% of its total oil requirement from Russia but by 2023 this figure increased to more than 40%. That is India has become Russias largest oil buyer. Now if India stops taking oil from Russia then Russia will suffer a big blow. Its income will fall drastically and it will become difficult for it to continue the war. At the same time the problem will also increase for India because it will again have to buy expensive oil from Gulf countries and other suppliers. This may increase the prices of petrol and diesel and this will have a direct impact on inflation. How did India strengthen Russia? India is not directly involved in the Russia-Ukraine war but by buying oil it has strengthened Russias economy. Western countries believe that India has given economic support to Russia by buying cheap oil which helped Putin to continue the war. However India argues that it takes decisions in the interest of its citizens and its priority is to ensure cheap energy. India buys not only oil but also coal and fertilisers from Russia. Also the size of trade between the two countries has more than doubled in the last two years. That is if India stops taking oil from Russia Russia will suffer a big loss but at the same time the pressure on Indias economy will also increase. HIGHLIGHTS America had already imposed a 25% tariff on India. Now after this new decision a total of 50% tariff has been imposed on India. America says that India should not support Russia during the Russia-Ukraine war. Western countries have imposed strict economic sanctions on Russia since the Ukraine war started. A large part of Russias economy depends on the sale of oil and gas. This deal has also been beneficial for India as Russia has sold crude oil to India at a much cheaper price than the international market. According to the data till 2021 India used to buy only 2% of its total oil requirement from Russia but by 2023 this figure increased to more than 40%.
