Amidst the fears of America imposing a huge 100 percent tariff on buying crude oil from Russia, the country's Finance Minister Nirmala Sitharaman has said in blunt and clear words that India is not going to stop buying oil from Russia under any pressure.
Recently, while talking during a special program of a media house, the Finance Minister made it clear that as soon as India announces to stop purchasing oil from Russia, the prices of crude oil will start skyrocketing in the global market, which will have a direct impact on the general public.
The welfare of 1.4 billion Indians comes first for us.
Finance Minister Nirmala Sitharaman described this entire situation as extremely challenging, but also stressed that this is a big question of the interests of the country's 1.4 billion citizens and for us the interest of Indians is paramount in every situation. To meet its energy needs, India keeps exploring the possibilities of purchasing oil from every country in the world from where it can get the right deal in the national interest.
Let us tell you that after America and China, India is the third largest petrol and diesel consuming country in the world. If India suddenly stops buying oil from Russia, the country will have to completely depend on the Middle East and America for its energy needs. Taking advantage of such a situation, the countries of the Middle East will immediately increase their oil prices, which will greatly increase the economic burden on India.
Ukrainian President's appeal and America's new law
It is noteworthy that recently the Ukrainian President had also appealed to India to stop purchasing oil from Russia. Apart from this, America has even prepared a law to impose heavy duty of up to 100 percent on major countries purchasing oil from Russia such as China, India and Turkey. However, the implementation of this new law entirely depends on the next steps of the US President.
If America really imposes this huge 100 percent duty on India, it will become very difficult to export Indian goods to the American market. Responding to this entire situation, Union Commerce and Industry Minister Piyush Goyal has said that the Indian government is closely studying every aspect of this new US law and the next step will be taken keeping in mind the interests of the country.