US President Joe Biden has announced a ban on imports of oil from Russia over its invasion of Ukraine.
We’re banning all imports of Russian oil and gas and energy. That means Russian oil will no longer be acceptable at US ports and the American people will deal another powerful blow to (President Vladimir) Putin,” Biden said.
The ban came as oil prices have been rising for the past two weeks across the globe on fears of war and economic sanctions against Russia.
Russia is the world’s second-biggest oil exporter after Saudi Arabia, as well as the largest natural gas producer.
There are fears that the ban by the US will further slow down global economic recovery.
Experts quoted by Asianet News say that America’s decision to ban Russian oil imports has no direct impact on India as India isn’t joining it.Additionally, India’s energy imports from Russia are minuscule. India’s import of coal, oil and gas from Russia stood at 1.3%, 1% and 0.2%, respectively in 2021.India may even increase imports from Russia if companies offer discounts, experts say.
Notably, India’s oil and energy imports are mainly dependent on countries like Saudi Arabia, Qatar, Oman, and Kuwait.
Significantly, fuel rates in India are expected to be hiked soon as oil marketing companies are preparing to pare losses accumulated from keeping rates steady.Despite the all-time-high oil prices, petrol and diesel rates in India have remained unchanged for over four months.Industry sources believe fuel prices need to be increased by Rs. 15 per liter for retailers to break even, NDTV reported.