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Why is India importing Russian oil despite US sanctions?
India is importing Russian oil because it offers discounted prices and helps meet its growing energy needs. Despite US sanctions aimed at restricting Russia's oil exports, India continues to buy Russian crude to ensure energy security and reduce costs. Prime Minister Modi emphasizes energy independence, which influences India's decision to maintain these imports.
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How does China's role as a Russian oil buyer affect global markets?
China is the largest buyer of Russian oil and faces no US tariffs, which allows it to benefit from discounted crude. This dynamic shifts global oil supply and demand, potentially lowering prices and creating a divide in international trade policies. China's continued purchases also strengthen its strategic ties with Russia amid ongoing geopolitical tensions.
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What are the US’s broader energy strategy goals?
The US aims to reduce reliance on foreign oil, promote energy independence, and exert economic pressure on Russia through sanctions. Doubling tariffs on India signals a desire to discourage countries from supporting Russia's energy sector, while also protecting US energy markets and maintaining geopolitical influence.
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Could these tensions lead to a new energy alliance?
There is potential for shifting alliances as countries navigate sanctions and energy needs. India, China, and Russia may strengthen their cooperation, challenging US-led energy policies. Such alliances could reshape global energy markets, influence prices, and alter geopolitical power balances.
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What is the impact of US tariffs on India’s economy?
US tariffs on Indian goods, especially targeting Russian oil imports, increase costs for India and may lead to higher energy prices domestically. This can affect India's economy, trade relations, and energy security strategies, prompting India to seek alternative sources and bolster domestic energy production.