Bloomberg: India Will Support Russian Oil Price Cap

Published:

Mar 13, 2023 01:17 GMT

India reportedly discussed this matter in detail with the representatives of the US and other G7 member states during a meeting held on the sidelines of the G20 ministerial summit.

India will adhere to Western sanctions introduced against Moscow over its military operation in Ukraine and will support a cap on the price of Russian oil set by the EU, the G7 and Australia at $60 a barrel, it reported. Bloomberg this Sunday citing sources familiar with the matter.

The government of the South Asian country has urged banks and merchants to comply with this regulationthe sources said, noting that this is confidential information, since New Delhi has not publicly announced that it will join the anti-Russian sanctions.

India reportedly discussed this matter in detail with the representatives of the US and other G7 member states during a meeting held on the sidelines of the recent G20 ministerial summit. It seems all parties they were satisfied with the results of the match, said one of the sources.

Indian government spokesmen have yet to comment on the matter.

New Delhi, which is highly dependent on oil imports, has of late become one of the main buyers of Russian crude. The country’s prime minister, Narendra Modi, has been seizing the opportunity to purchase that hydrocarbon at a significant discount and thus combat energy inflation, Bloomberg reports.

“A little over a year ago, I was buying almost no Russian oil; today, the South Asian market has become crucial for Moscow, which in turn has displaced other suppliers,” the outlet notes.

Until now, the South Asian country has maintained a neutral position in the conflict in Ukraine, seeking a diplomatic solution and increasing its imports of Russian oil over the past year. Last month, Indian government sources reiterated that “existing sanctions on Russia have had a negative impact on the world.”