US lawmakers have proposed to impose strict ban on Russia. This can increase tension in India. If it is passed, 500% tariffs will be imposed on countries buying oil, gas and uranium from Russia. Senator Lindsay Graham and Richard Bluemethal introduced a bill that would impose heavy restrictions on Russia. The restrictions will be imposed only if Russia does not establish permanent peace with Ukraine. According to the proposal, it is proposed to impose 500 percent tariffs on countries purchasing oil, gas and uranium from Russia.
Oil prices may rise in India
Some US lawmakers are preparing to take strict action against Russia. This can increase tension in India. The proposal has received the support of 50 MPs. Which shows that America is in the mood to teach Russia a lesson. But it 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, impose a direct ban on Russia, so that its economy is damaged. Second, countries buying oil, gas or other goods from Russia will also be punished. America will impose 500 percent tariffs on them. MPs say Russia is attacking Ukraine and should be stopped. The senators said, “We are with Trump, who want to end this war, but Putin is delaying it.”
Why is there tension for India?
This proposal of US MPs has not yet been passed. US President Trump is trying to stop the Ukraine-Russia war at the moment, so the possibility is little that the US will take such a step against Russia. But if this proposal is approved, oil prices in India can touch the sky. Currently India buys most of its oil from Russia. Crude oil imports from Russia have increased by 11 percent to 1.66 million barrels per day as compared to February. After imposing tariffs on Russia, India will be forced to increase its dependence on Gulf countries. This can increase oil prices worldwide. However, the special thing is that crude oil imports from the US have increased by 67 percent as compared to February.
America is preparing to put tariffs
US President Donald Trump is preparing to impose tariffs on 2 April. The White House has named it ‘Liberation Day’. However, there are still many questions regarding the implementation of tariffs. For example, how much it will be and when it will be implemented. According to media reports, Trump says that these tariffs will be mutual. This means that Trump will impose the same taxes on those countries that they impose on American goods.
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