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Thursday, September 19, 2024

Hypocrite US buying more Russian oil and fertilizer after Mocking India

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By Updates
BusinessNewsWorld

US and EU are continuesly ramping up imports of fertilizers and crude oil from Russia despite their own sanctions. However US has been warning other countries to stop discounted oil. West in order to burry their sins have started targeting countries like India accusing them of funding Russian invasion in Ukraine. It is to be notes that Indian imports of Russian oil is comparably negligible to what US and EU are buying.

The US has been teaching India about its place in history by undermining international efforts to stop Moscow, but New Delhi is simply putting its interests first – like the West.

Asked about India’s plans to buy crude oil in Russia, White House News Secretary Jen Psaki said last week that would not be the same as violating Western sanctions against Moscow but New Delhi should know that history will not be kind to them by looking down on it. attempts to divide Moscow by sanctions.

“Think about where you want to stand when history books are being written at this time. Support for the Russian leadership is to support an attack that obviously has a very negative impact,” Psaki said.

U.S. President Joe Biden went on to say that India was “somewhat shaky” when it fought Russia against the Ukrainian war.

As it turns out, India has more pressing concerns than concerns about its place in Western history books. India’s state-owned oil companies are ordering a massive 5 million barrels of oil in Russia and it does not seem strange to buy more.

Buying cheap oil is not a luxury but a necessity in India, which imports 85% of its oil needs. Relying heavily on imported petrol means that as crude oil prices rise – as is the case now – Indian finances are under increasing pressure and budget estimates are fluctuating.

India’s economy could be in a shambles if crude oil stays above $ 80 (€ 72.50) a barrel for months, fueling inflation and deteriorating recovery at a time when the scars of the epidemic remain open.

With Brent high quality crude oil circling more than $ 110 a barrel, these are already difficult times in the Indian economy. New Delhi is wise only by looking at other cheaper alternatives and one of them happens to be Russian oil, which is sold at a discount of $ 20- $ 25. India puts its self-reliance as high as the European Union, which is still developing. buying oil and gas in Russia; or the United States, which has withheld the ban on imports of Russian uranium through its nuclear industry, or Saudi Arabia, which is affiliated with Washington in the Middle East, is busy filling its pockets with US dollars and does not appear to be rushing to pump more. oil to help lower prices.

The 27-member EU bloc, which relies heavily on Russia for its energy needs, has so far backtracked on oil and gas bans – Moscow’s cash cow – arguing that the ban would leave its citizens cold in the winter with tens of thousands of them. they are useless as high prices are forcing industries that use energy sources such as aluminum production to close stores.

Unlike EU governments, which are looking to take on the burden of high energy costs including the unreasonable reduction in fuel prices at filling stations to help drivers, India’s stricken India does not have much room for financial fluctuations to rise sharply. long-term debts. So, do what it controls: look for cheap oil.

It should be noted here that despite recent purchases, Russia still plays a small role in the Indian market, accounting for less than 1% of India’s oil exports. This means that even though India ‘s oil imports indirectly support the Moscow military machine, the amount is part of the billions the EU continues to make on Russian oil and gas.
Joint penalties

India finds itself in dire straits, trapped between a traditional Moscow-based partner in which it shares long-standing political and security ties with the United States which has strengthened strong ties with it in recent years.

New Delhi, relying heavily on Russian arms and ammunition during clashes with neighboring China and Pakistan, has never voted against Russia in the United Nations.

Although India should be criticized for refusing to criticize Russia’s invasion of Ukraine, calling it a purchase of Russian oil seems unethical and hypocritical.

If so, the sanctions against the world’s richest and most powerful nations should be announced.

For too long, Western countries, led by the US, have imposed sanctions on governments without consulting their economically weak partners or learning about their impact on other countries. Western nations must come up with ways to reduce the burden of sanctions on others to ensure they have the incentive to comply.

Otherwise, the sanctions that support one country are irrational if it leads to hardship elsewhere, as we see in Egypt, where people are struggling to put bread in their vessels; or India, where shippers expect more than $ 500 million in payments from Russian customers who can use the SWIFT payment system.

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