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News India Live, Digital Desk: A very relieving news has emerged for India on the front of global diplomacy. The administration led by US President Donald Trump has decided to give a big waiver to India in the sanctions imposed on the purchase of Russian oil. The Trump administration has renewed this exemption, which simply means that India will now be able to continue buying crude oil from Russia at cheaper rates without the fear of any American sanctions. This decision is being seen as a major victory for the successful foreign policy of Prime Minister Narendra Modi.
How will India benefit from Trump’s decision?
In fact, after the Ukraine war, America and Western countries had imposed many stringent economic sanctions on Russia. The purpose of these sanctions was to hurt Russia’s economy. However, India is buying huge quantities of oil from Russia at concessional rates to meet its energy needs. Now, by extending the exemption period by the Trump administration, Indian oil companies will be freed from legal hurdles in transactions and shipping. This is also expected to help in keeping the prices of petrol and diesel stable in the domestic market.
New chapter of India-US friendship
Experts believe that this step of the Trump government is a big signal towards further strengthening its strategic relations with India. Trump had also advocated better trade relations with India during the election campaign. This ‘Oil Waiver’ is being considered a part of that series. The US understands how important cheap energy is for an emerging economy like India, and it does not want to anger India on this issue.
Big strategy to corner China?
Defense and foreign affairs experts say that there may be a deeper strategy behind this decision of the Trump administration. Instead of completely isolating Russia, the US is trying to strike a balance by allowing it to trade with friendly countries like India. Also, this will maintain supply in the global oil market and prevent prices from going out of control. This decision has come at a time when inflation remains a major issue across the world.
Will the prices of petrol and diesel reduce?
This news is very pleasant from the Indian market. Cheap oil coming from Russia reduces India’s import bill. If India continues to get crude oil at such concessional rates, then in the coming time, government oil companies can give relief to the general public in the prices of petrol and diesel. Overall, this decision of the Trump administration is no less than a lifesaver for India’s energy security.
