Bad news for India, UAE, Turkey as European Union imposes new sanctions on Russia, Fuel price likely to…, Modi govt now plans to…

New Delhi: In a first-rate pattern, the European Union (EU) has imposed new sanctions on Russia, which may maybe cause a first-rate economic blow to India. The most modern transfer by the European Union (EU) will set India’s petroleum product exports worth USD 15 billion (roughly Rs 1,29,281 crore) to the EU at probability, in accordance to the economic roar tank GTRI (World Change Study Initiative). It is distinguished to characterize that if the EU is derived from Russian erroneous oil, they'll now now not buy petroleum products from third international locations.

This step will also adversely be pleased an impression on international locations admire Turkey and the United Arab Emirates (UAE), as well to India, in accordance to GTRI. These international locations had been hunting for cheap erroneous oil from Russia, refining it, and then exporting products admire diesel, petrol, and jet gas (ATF) to Europe. GTRI founder Ajay Srivastava acknowledged that these new EU principles will acquire challenges for international locations admire India, which had been refining Russian oil and exporting it to Europe.

Right here are about a of the main well-known aspects:

• India’s USD 15 billion petroleum product exports are at probability attributable to the EU’s new sanctions.
• Within the monetary year 2023–24, India exported petroleum products worth USD 19.2 billion to the EU, in accordance to GTRI.
• In 2024–25, this figure dropped by 27.1 percent to USD 15 billion.
• The roar tank acknowledged that within the monetary year 2024–25, India imported erroneous oil worth $50.3 billion from Russia.
• This accounts for bigger than one-third of India’s full erroneous oil import bill of $143.1 billion.

Is India’s alternate with Russia staunch?

India is conducting a staunch and reliable alternate with Russia, in accordance to Ajay Srivastava, founder of GTRI. India will should strike a stability between economic practicality and geopolitical rigidity, as vitality ties between every international locations be pleased deepened. Now, the moot search data from is, what is EU’s main motive within the help of these sanctions?

The main honest of the EU’s new sanctions is to weaken Russia’s economy. Due to the the Russia-Ukraine battle, the EU has imposed a lot of economic sanctions on Russia. These sanctions are intended to discontinue Russia from raising funds for the battle. India purchases erroneous oil from Russia to meet its vitality wishes. India is the third-largest oil person on this planet. It imports 85 percent of its oil necessities. Russia is a key provider of erroneous oil to India.

How Is India Coping with Most fresh Insist?

• The European Union’s sanctions may need an unfavorable impression on India’s economy.
• India may now should win erroneous oil from different sources in characterize to export petroleum products to the EU.
• The Indian govt is specializing in strengthening alternate kinfolk with other international locations
• India is making efforts to amplify home oil production.

Ajay Srivastava acknowledged, “The EU’s new sanctions pose a subject for international locations admire India. To design certain its vitality security, India will prefer to adopt a balanced manner.” This signifies that India will should preserve its alternate kinfolk with Russia while also strengthening its ties with Western international locations.