Only India is allowed to buy Russian oil… US President Trump spoke to European countries amid the ongoing war in the Middle East.

New Delhi: Amidst the turmoil in the global energy market, America has made a big diplomatic move. Washington has bluntly told its European allies that the temporary relaxation in sanctions on Russian oil is only for India. The ongoing fierce war between Iran and America has almost halted the oil supply from Gulf countries. Due to which a deep crisis has arisen in front of a big consumer like India. To reduce this pressure, President Trump has given this special concession.

closed the strait of hormuz

Let us tell you that in response to the attacks by Western countries, Iran has closed the most important sea route for oil trade, ‘Strait of Hormuz’. Due to the closure of this strategic route, the crude oil coming to India from countries like Saudi Arabia and Iraq has been completely stopped. The increasing shortage of oil and gas across the world is having a negative impact on the global economy. In view of this serious situation, America has given India a special exemption of 30 days to buy Russian oil. Due to which Indian refineries have got great relief.

America’s blunt answer to EU

In the meeting of finance ministers of G-7 countries, America gave a clear message that this exemption is only for specific circumstances. No such concession will be given to European Union countries. America indicated that even if the restrictions are further relaxed in the future. So its scope will be limited to India only. European Commission Commissioner Valdis Dombrovskis said that this limited exemption is not expected to have any significant impact on Russia’s overall earnings because it is time-bound.

Important conversation between Trump and Putin

To control the skyrocketing prices of oil, President Donald Trump has talked directly to Russian President Vladimir Putin. According to Bloomberg report, Trump is considering removing some stringent restrictions related to oil. However, he has not made its detailed outline public yet. Trump believes that increasing the availability of oil in the global market is the priority at this time. So that common people can get relief from expensive energy. However, the final decision on this will depend entirely on the conditions of the US President.

Huge fluctuations in oil prices

On Monday, amid increasing tension in the Middle East, crude oil prices reached a dangerous level of $ 120 per barrel. But as soon as Trump claimed that America and Israel are moving towards a decisive victory in this war. A slight softening of prices was seen in the market. Investors hope that the war will end soon and the oil supply will be smooth. At present, the 30 days extension given to India is being seen as a big strategic security shield.

Strategic partnership between India and America

After the recent interim trade agreement between India and America, Indian refineries had reduced the purchase of Russian oil. But the current war and stoppage of supplies from Gulf countries has changed the entire equation. America knows that ensuring the energy security of a friendly nation like India is extremely important for regional stability. That is why Washington has relaxed its strict stance and given this temporary relief to India. Which strengthens the growing diplomatic and economic relations between the two countries.