Key Points
The G7 price cap on Russian oil shipments is cutting the revenue that Moscow has available to support its invasion of Ukraine, and the mechanism's effectiveness is helped by the recent actions of Indian refiners, U.S. officials will tell an event in New Delhi on Thursday, according to prepared remarks.T)..
The U.S. Treasury officials, Eric Van Nostrand, assistant secretary for economic policy, and Anna Morris, acting assistant secretary for terrorist financing, will make the remarks at an event held by the Ananta Aspen Centre in New Delhi, the Treasury told Reuters on Wednesday..
"We know that the Indian economy has much at stake in the Russian oil trade, and has much at stake from the global supply disruptions that the price cap is designed to avoid," the officials will say..
The actions on Russia are helped by moves by international refiners, including India's Reliance Industries, to not buy Russian oil loaded on SCF tankers, the officials will say..
Enforcement of the price cap on Russian oil has hit the price that Russia can get for its oil in global markets, reducing revenues for its war on Ukraine, the officials will say..
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