NATO Warns India: US Threatens to Impose 100% Tariff on Russian Oil Buyers, What India Said?

NATO Warns India: US President Donald Trump has threatened to slap penalties on Russian oil buyers if Moscow does not agree to a peace treaty. The US has stated that if Russia is not prepared to reach a peace agreement with Ukraine, it will face a 100% tariff. NATO Secretary General Mark Rutte also told India, China, and Brazil that if they continue to trade with Russia, they will face 100% tariffs or higher. This issue has raised concerns for India.

Petroleum Minister Issues Statement

India’s Petroleum Minister, Hardeep Singh Puri, has stated that the country is not afraid of America’s threats to impose sanctions. The oil market is now oversupplied, and prices will likely fall in the near future. Russia accounts for around 10% of global oil production. If oil purchases from Russia are discontinued, prices may rise. Puri stated that if oil prices are to be kept under control, the entire world must consume 10% less oil, which is impossible. Alternatively, more oil will have to be obtained from the remaining 90% of suppliers, resulting in significant price increases.