America has taken a big decision amidst the increasing war between Iran-America-Israel and the global energy crisis. Donald Trump The administration has announced a temporary waiver of 30 days on Russian oil purchases. The purpose of this decision is said to be to maintain the supply of oil in the global market and to control the rapidly rising prices.
Why was this decision given?
increasing tensions in the Middle East and especially Strait of Hormuz Oil supplies are being affected across the world due to the disruptions. For this reason, crude oil prices have reached above $100 per barrel in the international market.
According to the US Treasury Department, this exemption is for only 30 days and its purpose is to allow the market to sell Russian oil already stranded at sea, to overcome the sudden shortage in supply.
India may get relief
The biggest benefit of this temporary exemption can be given to countries like India, which import oil in large quantities. According to reports, Indian refineries can purchase Russian crude oil stranded in the sea, which will reduce the pressure on energy supply.
How much does Russia benefit?
American officials say that this step is not to provide economic benefit to Russia. This exemption is applicable only to those oil consignments which are already loaded in ships and present at sea and will not be applicable to new supplies.
Criticism also started
However, this decision is also being criticized. Some countries and experts say this could weaken the sanctions imposed on Russia and could defeat the purpose of sanctions related to the Ukraine war.
Experts believe that if tensions in the Middle East increase further and oil supplies remain disrupted, more major decisions may be seen in the global energy market.
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