The US was moving to impose a 100% tariff on countries buying oil from Russia. However, this bill may be postponed. The bill is unlikely to be passed before the US Congressional elections in November. The 100% tariff was a big concern for oil-buying countries like India. If the bill does not go ahead, it will be a relief for India, the report said.
According to this bill, the US aims to give a jolt to countries buying oil from Russia. Countries like India, China and Turkey will be affected by this to a large extent. There has been opposition among the members of the US House of Representatives regarding this bill. The members have expressed concern that this bill will give too much power to the president. The increase in oil prices in the international market could create political problems for the upcoming elections. Apart from this, US business groups are also opposing this bill. Such activities can create a negative impact on traders and consumers. Russia’s crude oil has become a major source of energy security for India.
India has been getting such cheap oil since the Ukraine war. If this bill had been implemented, India would have had to face economic pressure. House Speaker Mike Junson said that it would be difficult to bring it up for a vote before the November elections. Seeing this, it has now brought reassurance to India. After the Middle East war, the Indian market has faced various crises for crude oil. In such a situation, cheap crude oil from countries like Russia has become profitable.
