US law makers have proposed to impose stringent sanctions on Russia. Which can increase India’s tensions. If it passes, it will impose 500% tariffs on countries buying oil, gas and uranium from Russia. Senators Lindsey Graham and Richard BlueManthal introduced a bill that will impose heavy restrictions on Russia. Restrictions will be imposed only if Russia does not make permanent peace with Ukraine. According to the proposal, it is proposed to impose 500 per cent tariffs on oil, gas and uranium -buying countries from Russia.
Oil prices may rise in India
Some US law makers are preparing to take stern action against Russia. Which can increase India’s tensions. The proposal has been supported by 50 MPs. Which shows that America is in the mood to teach Russia a lesson. But this can be bad news for countries like India. The reason for this is that India buys a lot of oil from Russia. There are two types of restrictions in this proposal. First, direct restrictions on Russia, so that its economy is damaged. Second, countries that buy oil, gas or other items from Russia will also be punished. The United States will impose 500 percent tariffs on them. MPs say Russia is attacking Ukraine and it is necessary to stop it. Senators said, ‘We are with Trump, who wants to end this war, but Putin is delaying.’
Why is there stress for India?
The proposal of American law makers has not yet been passed. US President Trump is currently trying to stop the Ukraine-Russia war, so the US is very likely to take such a step against Russia. But if this proposal is approved, oil prices in India can reach the sky. Currently India buys most of the oil from Russia. Crude oil imports from Russia increased 11 percent to 16.6 million barrels per day compared to February. After imposing a tariff on Russia, India will be forced to increase its dependence on the Gulf countries. This can increase oil prices around the world. What is special, however, is that the import of crude oil from the United States has increased 67 percent compared to February.
America in preparation to impose tariffs
US President Donald Trump is preparing to impose tariffs on April 2. The White House has named it ‘Liberation Day’. However, there are still many questions regarding the implementation of tariffs. As much as how much it will be and when to implement. According to media reports, Trump says the tariff will be mutual. This means that Trump will impose the same tax on those countries that impose those countries on American goods.
