India Cannot Simply Stop Buying Russian Oil, Nirmala Sitharaman Says
· Business · Hindustan Times, News18, rt
Union Finance Minister Nirmala Sitharaman stated that India cannot simply stop buying Russian crude and switch to alternative suppliers due to global supply constraints and domestic energy needs for 1.4 billion people. Speaking at the BusinessLine Changemaker Awards, she warned that moving away from Russian oil would drive up prices because the global supply pool is limited. Her remarks follow US President Donald Trump signing the Lindsey O Graham Sanctioning Russia and Iran Act into law, which permits tariffs of up to 100 percent on major buyers of Russian energy. Sitharaman also pointed to recent disruptions in the global market, including attacks on facilities in Saudi Arabia and the Gulf region, which have reduced available supplies. She noted that India is already diversifying its oil basket to meet national demand from multiple sources.
Why it matters
The US sanctions law poses a direct risk of 100 percent tariffs on Indian energy imports, threatening domestic fuel pricing and supply stability for consumers.
Read the original report — Hindustan Times
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