Due to the Russia-Ukraine War, a new tariff war has now erupted over oil trade. Former US President Donald Trump -led government has imposed a 50% tariff and fine on India for purchasing crude oil from Russia. On the other hand, Russia is talking about giving India a discount of about 5%. Regarding the prices of oil imports between tariffs, Russia’s sub-trade representative in India, Evageni Griva, said that 5% fluctuations are possible on the basis of negotiations. This “business mystery” was revealed by Russia’s sub -trade representative Evageni Griva in India on Wednesday at a press conference, in which Russian Ambassador Roman Babushkin was also present.
Russia is now India’s fourth largest business partner
Roman Babushkin said that although crude oil is the main source of our exports, it is not the only export object. India also exports Russia and other products including electronics, machine tools and pharma. Russia is now India’s fourth largest trading partner. We expect to gain $ 100 billion trade by 2030. We have to regulate some things like bilateral investment treaty.
Business was in danger but we were successful in this
On American tariffs and restrictions on India’s oil trade with Russia, he said that this is not the first time our business has been threatened, but every time we have been successful in it. I am sure we will be successful this time too. Because oil is an important item for the development of India. They are trying to make the economy weapons. The Russian economy is growing, but these restrictions are harming those who are imposing them. See IMF figures that clearly show that Europe has lost its position as a place and gold has replaced Europe as an asset for the global economy.
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