India has stopped buying oil from Russia

India has stopped buying oil from Russia after US President Donald Trump imposed a 25 percent tariff on countries that buy oil from Russia, US Treasury Secretary Scott Besant has claimed.

The US initially imposed a 25 percent tariff on Indian products. Later, Trump imposed an additional 25 percent tariff as a 'punishment' for buying oil from Russia.

In an interview with Fox News on Wednesday (January 21) local time, US Treasury Secretary Scott Besant said, 'India started buying Russian oil after the Ukraine conflict started, but after President Trump imposed a 25 percent tariff on them, New Delhi stopped buying Moscow's oil.'

He claimed that India 'stopped' buying oil from Russia after US President Donald Trump imposed a 25 percent tariff on products from countries that buy oil from Moscow.

In August last year, the US imposed a maximum tariff of up to 50 percent on Indian products for buying oil from Russia. Although New Delhi has been claiming that Washington's move on the Russian oil issue is 'unfair and unreasonable'. India claims that it is procuring oil from Russia to ensure the energy security of its large population.

Recently, the US President has approved a bill to impose a 500 percent tariff on India and several other countries for buying oil from Russia.

Republican Senator Lindsey Graham said that a bill in this regard will be presented in the US legislature soon.

Regarding the bill, Besant said, this is a proposal raised by Senator Graham, which is currently under consideration in the Senate. We will see whether it passes or not. We believe that President Trump does not need separate approval for such powers.

Source: The Hindu