HomeWorldWhy Did Russia Take The Name Of India While Defying America?

Why Did Russia Take The Name Of India While Defying America?

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G7- Canada, France, Germany, Italy, Japan, the United Kingdom and the United States are a grouping of these countries. Together these countries have made a new plan to rein in Russia.

What is This Plan? Understand

After the attack on Ukraine in February this year, European countries continuously imposed sanctions on Russia. Despite these sanctions, Russia is selling its oil indiscriminately. Despite the efforts of Europe, it has not been able to stop the demand for cheap oil.

Therefore, the G7 countries have now decided to impose limits on Russian oil prices. And above that limit, no country will be allowed to buy Russian oil. If a country buys oil above these prices, services from G7 and EU will be stopped.

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Which Services Will Be Stopped?

A complete system works to send oil from one country to another. This includes large ships, tankers, sea routes, and ports. There are many dangers in transporting oil by sea route. For example, what if an accident happened? If there is any damage to the ship, who will bear the brunt of it?

Who will take responsibility for the death of the workers on a ship carrying oil? All these are insured. The cost of this shipping insurance is very high. And one of the world’s largest shipping insurance companies is in the UK.

The company’s name is the International Group of Protection and Indemnity Clubs (IGPIC). This UK-based company ensures 95 per cent of the ships going by sea route worldwide. The G7 country has taken advantage of this.

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What does Russia have to say?

Russia says it will refuse to sell oil to border countries. However, it is not that easy. Oil drilling must also be stopped after the oil supply is stopped. And if it stays for a long time, it may take a long time to start again.

After the Soviet dissolution in 1990, Russia’s oil extraction capacity declined drastically. And it took 10 years to bring it back to the old level. Due to this angle, G7 countries feel their plan will succeed. However, there are some screws in this plan as well.

The cooperation of other countries is necessary for the success of the G7 country’s plan to rein in Russian oil. Only then can Russia be hurt on the economic front. India and China play a significant role in these countries.

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How do India and China play a significant role?

When Russia attacked Ukraine in February, there was a sharp decline in the purchase and sale of Russian oil. Europe was the main reason for the decrease of one million barrels per day in Russia’s exports. Europe refused to take Russian crude. Then the International Energy Agency warned that Russian oil production could drop by another 10 to 3 million barrels.

Russia sensed this danger and tried a trick for it. That trick was to sell oil at cheap rates. Russia offered it to India, and India accepted it. India had the advantage behind it and also the compulsion. India used to take oil from Iran earlier, but in 2019, America imposed sanctions on Iran, after which India stopped taking oil from Iran. She agreed that India’s oil consumption was met by cheap Russian oil.

India is continuously buying oil from Russia. America hopes that India will come with this decision of the G7. On the contrary, Russia hopes India will not be a part of this plan G7. Russian Foreign Minister Sergei Lavrov stated this matter, saying,

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“Indian leaders, including Jaishankar, have refused to join the ban on purchasing Russian oil. They have made it clear that they will follow their interests.”

In the coming days, the foreign ministers of the G7 countries will have a virtual meeting on this matter, in which this plan will be discussed further. China and India have not yet reacted to this news. Whatever updates there will be related to this matter, we will keep bringing them to you.

Geeta Kumar
Geeta Kumar
Geeta Kumar is Our Digital Media Specialist at Spot News 18. She Manages our Digital Media Account Globally. She loves to be connected on Social Media.

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