India buys more oil from Russia
India bought a record amount of oil from Russia, even though the United States is planning to put high taxes on countries that buy Russian fuel.
What happened
India bought nearly half of all its oil from Russia recently, setting a new record of forty-eight percent. Oil is a liquid used to make fuel for cars, trucks, and planes. At the same time, the United States government is planning to put a big tax on countries that buy oil and gas from Russia.
Why this matters
Buying oil from Russia helps India get the fuel it needs for a good price. However, the new tax rules from the United States could make things complicated for countries that trade with Russia.
- India gets almost half its oil from Russia now.
- The United States passed a bill to add big taxes on Russian oil buyers.
- The new US bill still needs to pass in the House of Representatives.
What happens next
Leaders in different countries will talk about these new tax rules to see how they affect trade. India will keep looking for the best ways to buy fuel for its people while watching global rules closely.