European countries have been trying to unite against Russia in the wake of the attack on Ukraine. Russia has imposed financial austerity. The two countries have been at loggerheads for more than a month and tensions are high. Russia, however, has made efforts to soften its financial position despite all the cuts. For this, the friendly country has offered to provide oil to India at a discounted rate. Russia has offered to supply oil directly to India, despite international pressure. Russia will supply $ 35 less per barrel in the international market. According to this year’s agreement, Russia will export 15 million barrels of oil to India.
India is the second largest country in Asia in terms of oil imports. Several European countries, including the United States, have imposed economic sanctions on Russia since the attack on Ukraine. As a result, trade between Russia and these countries has been cut off. At present, only China and India are importing oil from Russia. Russia has also proposed simplifying its financial transactions with India. The issue’s end has the recaptured Doomsday in the control of the Russian Foreign Minister.
The United States, on the other hand, cannot tolerate India buying oil from Russia at a discounted rate. The United States wants to see an immediate increase in India’s oil imports from Russia. Meanwhile, New Delhi is pushing for the introduction of a rupee-ruble payment system to buy oil, ignoring cuts. The United States has said that India is not doing what it wants to do.
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