With Trump’s ‘permission’, India can buy Russian oil for a month amid the Hormuz crisis

Donald Trump gave ‘permission’. For now, India can buy oil from Russia for 30 days. In fact, America has imposed some new sanctions on Russia in the atmosphere of war. Before that, many ships carrying Russian oil left for export. There is currently no buyer for the oil from that vessel. The Trump administration has said that India will be able to buy oil from only those ships for now.

US Treasury Secretary Scott Bessant said on Thursday, “India is one of America’s most important partners. Iran wants to completely stop the movement of energy resources around the world in the atmosphere of war. This 30-day temporary measure will ease their pressure. There will be no restrictions on the movement of petroleum products at the international level.” However, Besant claims that India will increase the amount of oil it buys from America even if it gives a temporary license to buy Russian oil. According to him, Russia will not benefit from this move.

It should be noted that Iran, angered by the joint attack of Israel and America, has decided to close the Strait of Hormuz, one of the busiest waterways, giving a big blow to world trade. They have made it clear that ships will be burned at Hormuz. Then the question arises, if India cannot import oil, it will practically come to a standstill. So which way will the center? In fact, India has to buy more than 85 percent of its oil from outside. About 50 percent of these imports come through the Strait of Hormuz. About 25 to 27 lakh barrels of oil come from countries like Iraq, Saudi Arabia, United Arab Emirates, Kuwait. Not only that, about 60 percent of Liquefied Natural Gas (CNG) demand is also imported through this route.

At that time, New Delhi approached its old friend Russia. It is known that due to the closure of Hormuz, there are about 95 million barrels of Russian oil tankers around Indian waters. However, there was a fear that buying that oil would impose huge tariffs on India as announced by Trump. For now, there is no such fear for a month. India will be able to buy the Russian oil in the ships for the time being after receiving clearance from Trump. Then the US will again reduce the import of Russian oil?