US to India: Join group for Russia oil price cap – Times of India
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NEW DELHI: The US has asked India to join a coalition to cap Russian crude oil prices and New Delhi has sought more details about the plan, while both sides have decided to continue the discussions on the issue, a top US treasury official said on Friday.
“Indian policymakers, whom I met with and talked to about the price cap, are very interested in learning more about the details because ultimately their primary objective is to make sure that India is able to buy energy at the cheapest price possible to make sure they can meet the demands of Indian consumers and Indian businesses, and we think that objective is aligned with our objective, which is to reduce Russia’s revenues,” US deputy secretary of the treasury Wally Adeyemo told reporters. The US and the G-7 countries have launched the effort to put a cap on Russian oil supplies.
Adeyemo said what the price cap would do is it will allow European and American services from around the world and western countries to continue to be used for the purchase and transportation of Russian crude on the sea at a price below a certain level and that level would help deny Russia extreme profits they have made due to the war in Ukraine that they have started but still promote the shipment of Russian crude.
“Our overarching objective is to ensure that we reduce Russia’s revenue by allowing supply to flow into the marketplace. This is because it is in the best interest of our people to get energy at the lowest cost possible and to deny Russia revenues that they can use to prop up their economy and further the war in Ukraine. Our goal ultimately is to try and build that coalition which will join us in implementing the price cap,” said Adeyemo.
India and China have emerged as the biggest buyers of Russian oil after western economies shunned those barrels due to sanctions imposed in the aftermath of Russia’s invasion of Ukraine.
“Indian policymakers, whom I met with and talked to about the price cap, are very interested in learning more about the details because ultimately their primary objective is to make sure that India is able to buy energy at the cheapest price possible to make sure they can meet the demands of Indian consumers and Indian businesses, and we think that objective is aligned with our objective, which is to reduce Russia’s revenues,” US deputy secretary of the treasury Wally Adeyemo told reporters. The US and the G-7 countries have launched the effort to put a cap on Russian oil supplies.
Adeyemo said what the price cap would do is it will allow European and American services from around the world and western countries to continue to be used for the purchase and transportation of Russian crude on the sea at a price below a certain level and that level would help deny Russia extreme profits they have made due to the war in Ukraine that they have started but still promote the shipment of Russian crude.
“Our overarching objective is to ensure that we reduce Russia’s revenue by allowing supply to flow into the marketplace. This is because it is in the best interest of our people to get energy at the lowest cost possible and to deny Russia revenues that they can use to prop up their economy and further the war in Ukraine. Our goal ultimately is to try and build that coalition which will join us in implementing the price cap,” said Adeyemo.
India and China have emerged as the biggest buyers of Russian oil after western economies shunned those barrels due to sanctions imposed in the aftermath of Russia’s invasion of Ukraine.
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