New Delhi: In view of the ongoing war with Ukraine, the US is in the process of banning oil imports from Russia. He has contacted G7 countries regarding this. The US has also requested India to join the initiative. At the same time, Russia is trying to avoid any such sanctions. In this episode, Moscow has announced a huge discount on oil imports to India.     

Iran is also looking to export faster to India at lower prices. Actually, Iran wants to start oil exports to India again. The issue is likely to come up for discussion during the meeting between Iranian President Ebrahim Raisi and PM Narendra Modi at the Shanghai Cooperation Organisation (SCO). In fact, the US says that setting a limit on Russian oil prices will hurt the source of raising funds for Russia's unlawful war in Ukraine. Besides, the move is also expected to help the US fight fast-rising global inflation. G7 member countries have pledged to take steps to impose price caps on Russia's oil imports.

Russia is using the money from the sale of its crude oil in the ongoing military action against Ukraine. All western countries, including the US, are taking a strong stand against Russia's attack on Ukraine. They have also imposed several economic sanctions on Russia. But Russia, unfazed by these sanctions, continues its military campaign against Ukraine.

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