The US Congress has passed the bill imposing stringent sanctions on Russia with an overwhelming majority of 262-159. This bill empowers US President Donald Trump to impose heavy tariffs on countries purchasing oil and gas from Russia. After the signature of the US President, this will become a law, due to which the threat of tariffs is also looming on India. However, market experts believe that this step of America will not have any long term or major impact on the Indian economy.
Mumbai’s trade and market expert A. According to P. Shukla, India does not need to worry about America’s new sanctions. He said that the sanctions-related law recently passed by America is not likely to have much impact on India. America is taking such steps in view of the developments after BRICS. The market was already anticipating this, so after the losses incurred in the last few days, not much negative impact is expected. However, due to the closure of the Hormuz and Bab-el-Mandeb routes and US sanctions, crude oil prices may increase for some time.
Crude oil boom and short-term challenges
A. P. Shukla further said that the price of crude has reached around $ 108 per barrel. India imports oil from about 25 countries including Russia and will continue to look for other ways in the future. India is not going to change its role under any pressure. China may take more aggressive steps in response to this entire incident. India usually looks for solutions through available opportunities rather than taking aggressive steps and will do the same in this case. Its impact may definitely be visible for some time, but it is not likely to have a major impact on the Indian economy in the long run. Rather, these sanctions may have a greater impact on the American economy.
India’s stand clear on energy security of 1.4 billion Indians
Immediately after the bill was passed in the US Congress The Ministry of External Affairs of the Government of India issued a strict and clear statement Have done. The Ministry of External Affairs said that India is fully committed to ensuring the energy security of its 1.4 billion citizens. The Indian government has made it clear that it will continue to import energy as per the changing conditions of different countries and market. Along with this, India has warned that this step of America may also affect the bilateral relations between the two countries and the global energy market. India will take every necessary step to protect its trade and economic interests.
