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US President Donald Trump and India's Prime Minister Narendra Modi talk as they arrive for a joint news conference after bilateral talks at Hyderabad House in New Delhi, India, February 25, 2020. — Reuters
#Indias #Russian #oil #benefit #slashed #tariffs
Russian oil -related US taxes, which are effective on Wednesday, are expected to eliminate the financial benefits of India’s imports from the Ukraine War.
Analysts estimate that India has saved at least $ 17 billion by increasing oil imports from Russia since 2022.
US President Donald Trump’s decision to impose additional taxes on Indian imports can be reduced by more than 40 %, or by more than $ 37 billion, in the April financial year of April, according to New Delhi’s think tank Global Trade Research Initiative.
The outcome of the prices will be delayed and it can be politically weak for Indian Prime Minister Narendra Modi, which threatens thousands of jobs in labor sectors like textile, jewelry and jewelry.
In the coming weeks, India’s reaction can renew its decades -old contribution to Russia and reinstate its growing complex relations with the United States, Washington’s relationship is very important to counter China’s growing influence in India Pacific, analysts said.
“India needs Russia for defense equipment for many more years, when available, it needs political support on geographical political support and sensitive issues when available,” said Hepimon Jacob, founder of the Council for Strategic and Defense Research in Delhi. “It makes Russia an invaluable partner for India.”
He added, “Despite the difficulties between Delhi and Washington under Trump, the United States is India’s most important strategic partner. India does not have the luxury of choosing one another, at least not yet.”
Two Indian government sources said New Delhi wants to repair relations with Washington and is open to increase US energy purchases, but is reluctant to completely stop the import of Russian oil.
Talks with the United States are underway, the Indian Foreign Secretary told reporters on Tuesday, saying that officials from both countries are negotiating virtual talks on nuclear cooperation, and significant search of minerals, on trade, energy safety, and important mineral search.
40 % of the total purchase of India
Before the war, now the Russian raw raw purchases of India’s total oil purchases are 40 %, and analysts say that an immediate stopping will not only indicate pressure but also economically inaccessible.
Indian purchases are led by Reliance Industries of billionaire Mukesh Ambani, which operates the world’s largest refining complex in Modi’s hometown of Gujarat.
According to Reuters’ internal Indian government estimates, the world’s third largest oil consumer and importer stops buying oil from Russia, raw prices globally can be more than three times more than $ 200 a barrel. This will also lose 7 % of Russian oil offers over world standards.
In an extraordinary sharp statement this month, India accuses the United States of double quality for importing Russian oil, while itself is continuing to buy Russian uranium hexhalovaride, palms and fertilizers. New Delhi says other countries that have increased Russian oil purchases like China have not been fined.
US Treasury Secretary Scott Basant has accused India of being profitable from the rapidly growing purchase of Russian oil and termed it unacceptable.
The Indian Foreign Ministry has said that its raw imports from Russia are “to ensure predictions and cheap energy costs to Indian consumers. It is a need forced from the global market situation”.
New Delhi has warned that preventing Russian oil imports, which is currently about two million barrels daily, will disrupt its supply chain and send domestic fuel prices to increase. It has said that Biden’s subordinate US administration supported the purchase of Russian oil to keep global prices stable.
Russia has said it expects India to buy oil from it.
Modi has not commented directly at prices, but he has repeatedly promised support for the farmers of India.
Farmers are an important voting block, and Modi faces strict elections in the rural state of Bihar later this year. He has also promised major deductions in goods and services tax by October to eliminate domestic demand.
Diplomacy
In recent times, senior Indian officials have traveled to Russia, while Modi is about to visit China this month for the first time in seven years. After a deadly border conflict in 2020, a year ago, China’s relations began to melt.
It is expected that Modi will be met with Chinese President Xi Jinping and Russian President Vladimir Putin, who will be meeting a meeting of the Shanghai Cooperation Organization, a regional security block on Sunday. But sources said that India is still very cautious in its relations with China and is not yet considering a trilateral summit between the three leaders, as Russia is expected.
Experts say other countries can react to the US revenue.
“The main way for other countries is that if India – an emerging economic and military power – is under huge pressure from the United States, they may also have the ability to withstand US pressure,” said Jacob, said analyst Jacob.
“In addition, some can translate the current dynamics that show that China could potentially act as a counter balance, especially in view of Trump’s unexpected and aggressive geographical political measures.”
International relations experts say Trump’s recent actions have returned the US relations in India to its worst phase, as the United States imposed sanctions on India for nuclear weapons tests in 1998. In addition to trade, this row can also affect other areas such as work visas and services efficiency for Indian -tech professionals.
And even if India is finally able to change some rates, especially in trade, many consequences will be delayed.
Ajay Srivastu, the founder of Gatri, a former Indian trade official, said, “China, Vietnam, Mexico, Turkey, and even rivals like Pakistan, Nepal, Guatemala, and Kenya are likely to remove India from key markets.” “
