Key Points
New Delhi: The US has not asked India to reduce its imports of Russian oil, two US officials said on Monday, adding that the price cap and sanctions regime imposed by the G7 are aimed at squeezing Moscows profits from crude sales and impeding its ability to finance the war in Ukraine.o)..
The US officials, speaking after meetings to brief their Indian counterparts on the second phase of implementing the price cap, which came into effect in December 2022, said the focus will now be on channels created by Russia to export crude without using Western service providers for shipping or insurance..
The US officials declined to answer questions regarding India paying for Russian oil in currencies such as the UAE dirham and acknowledged the price cap of $60 a barrel would not apply to crude imports that did not use shipping or services from the Western coalition..
The price cap imposed by the G7, European Union and Australia prohibits the use of Western services such as insurance and transportation when tankers carry Russian oil priced above $60 a barrel..
Phase two of the price cap is intended to make it harder for Russia to move oil outside services offered by the Western coalition, thereby forcing it to sell more oil either under the cap with coalition services or importantly, offering even bigger discounts to other global buyers outside the coalition, Nostrand said..
You might be interested in
US says Russia not benefiting from +$60/bbl oil to India
16, Mar, 23Some cargoes of low sulphur, or sweet, crude oil bought by Indian refiners have risen above the $60 per barrel cap set by the G7 countries, the European Union and Australia, due to rising demand, while most cargoes are below the cap
Russian oil: Trade headaches for India as crude prices hit $60
14, Jul, 23India Business News: Russia's major oil buyer India is preparing for tougher talks with banks that finance oil cargoes, following the breaking of the $60 a barrel cap on R
Russia has sold nearly all its oil well above the West's price cap
23, Nov, 23Russia successfully sells oil above the Western-imposed price cap of $60 per barrel, with over 99% of oil traded exceeding the ceiling. The price cap,
Russian crude faces delivery hurdles in India as sanctions bite
16, Jan, 24India Business News: Russian crude oil tankers face issues delivering at Indian ports due to price cap enforcement by G-7 nations and challenges with shipping entities. In
US to tell event in India that price cap on Russian oil working
03, Apr, 24The US officials are in India this week meeting with government officials and business leaders. | World News
Reuters NEXT Treasury's Adeyemo says 'far better' to see Russia buying tankers than tanks
10, Nov, 23U.S. Deputy Secretary Wally Adeyemo on Thursday said the Group of Seven-led coalition that imposed a price cap on Russian oil last December was shifting its focus from reducing Russian revenues to raising Moscow's cost of shipping its oil.
Widespread Russian oil price violations likely took place in Asia in the first quarter
27, Apr, 23In December, the G-7 imposed a $60 a barrel price cap on Russian oil, barring companies in those nations from providing a wide range of services, particular insurance and shipping, if the cargoes were bought above that level.
The Indian 'laundromat' exposes the 'refined' hypocrisy of Europe
14, Jun, 23Five countries have become laundromats for European countries that imposed price caps on Russian crude, according to a report by the Finnish Centre for Research on Energy & Clean Air. China, India, Singapore, Turkey and UAE have turned increased purchases of Russian crude oil into products shipped to countries having sanctioned Russian oil.
Ukraine war: Is India complying with the Russian crude oil price cap?
15, Mar, 23Uncertainty about how much India pays is part of the murkiness around Russian oil flows more generally as the trade shifts from the Atlantic basin to Asia and from large traders to smaller entities