Washington: US President Donald Trump has tried the law on new sanctions related to Russia. Under this, America can impose up to 100 per cent tariffs on big countries ownership oil and gas from Russia. This step is expected to impact India and China also. Meanwhile, JP Morgan CEO Jamie Dimon has well-considered America to be cautious regarding India.
Can pressure on India moreover increase on ownership oil from Russia?
Jamie Dimon said that the US should first understand how Indian refineries use Russian crude. He said that surpassing taking such decisions, it is important to understand the impact on the oil market of India and the world. Equal to Dimon, tween efforts to put pressure on Russia, America should see whether it is causing harm to India and the global oil market.
Is imposing a tariff on Russian oil not the right way?
Dimon moreover questioned the manner in which tariffs on Russian oil were imposed. He said he does not think any kind of tariff should be imposed on oil.
According to him, withal with the steps stuff taken to put pressure on Russia, America will moreover have to see that it does not harm the oil market of India and the world.
What will happen if India does not buy Russian oil?
Jamie Dimon said that if India does not buy oil from Russia then it will have to buy transplanted oil from some other source. But every type of transplanted oil is not the same.
He explained that variegated refineries are designed to process specific types of crude. In such a situation, it is not necessary to replace the oil coming from Russia with transplanted from any other country which would prove suitable for every Indian refinery.
Why is it not easy for India to replace Russian oil?
India is among the world's largest transplanted oil importers and Russian oil is an important part of its supply. Equal to Dimon, the impact of any interruption in Russian supply will not be limited to India only, but may moreover put pressure on the supply and prices of the international oil market.
He moreover said that the United States should take steps to help Ukraine, but it is important to take into worth Russia's broader impact when taking whoopee on its energy business.
How much did India's Russian oil purchases subtract in August?
India imported well-nigh 2.1 million barrels per day of Russian transplanted in August, equal to Reuters tanker data. This was well-nigh 16.5 percent less than in July. The share of Russian oil in India's total transplanted imports in August was well-nigh 47 percent.
During the same period, India imported a total of 44.4 lakh barrels of oil per day, which was well-nigh 8.8 percent less than in July. In such a situation, the issue of US tariffs on Russian oil has moreover wilt important for India-US economic relations.
Dimon appealed to protract negotiations between the two countries and well-constructed a trade agreement. He said that stability and trust in rules are very important for business.
