New Delhi: US President Donald Trump has waived sanctions and tariffs on nations buying Russian oil and gas, possibly saving major importers of Russian energy like China and India from stiff penalties.It may also alleviate some immediate anxiety about US trade restrictions on additional acquisitions of Russian energy, as Washington is analyzing the matter in light of the volatile energy markets.Some countries might have also gained from the waiver. India, a big consumer of Russian crude oil, might have found the waiver helpful by alleviating the threat of trade pressure in future energy imports. China, which is also a significant buyer of Russian oil and gas, could have also gained from the waiver. Nevertheless, the scope of the relief will be contingent on the measures subject to the decision and the conditions for suspension.This comes as these nations face ongoing geopolitical squabbles over the Russia-Ukraine conflict and global moves to keep a lid on Moscow’s energy earnings. For India, sourcing Russian oil has been a valuable part of the country’s diversification strategy since the start of the war in February 2022.Russian crude continues to be a key part of India’s energy mix since the beginning of the 2022 war in February, allowing the country to diversify its sources of supply.Thus, any alteration in the way US sanctions are imposed, administered or lifted will potentially affect India’s energy security, import bill, and trade relation with Washington.However, it is yet to be seen what impact the waiver will have on the US’s stance on states buying Russian energy. The administration could reassess or alter its method based on the evolution of the conflict, global oil prices and diplomatic negotiations.India and China might escape in the short-term but that will be a temporary reprieve, and how long that lasts will depend on the final size of the measures and their duration.There’s a lot of ambiguity over the US’s stance on nations which buy Russian energy, even after the waiver was reported. The administration will be able to monitor or alter its policies depending on how the conflict develops, world oil prices and diplomatic talks.India and China might get some relief in the short term but the long-term impact will be determined by the extent and duration of the sanctions…
Trump waives Russia-related sanctions, tariffs; India, China get relief
