Key Points
New Delhi:Russian oil refined in a third country, such as India, is no longer a product of Russia from a sanctions perspective, a US treasury official said Thursday...
I also want to specify that once Russian oil is refined, from a technical perspective it is no longer Russian oil, said Anna Morris, the acting assistant secretary for terrorist financing and financial crime at the US department of treasury...
In December 2022, the G7 countries imposed a price cap on purchases of Russian oil in response to Moscows special operation in Ukraine that began in February that year...
In June 2022,Canada, France, Germany, Italy, Japan, the UK, the US and the European Union (EU) at the G7 leaders summit in Elmau, Germany considered the usage of import price caps on Russian oil as a measure to hurt Moscows energy revenues...
Just imagine for the moment had we not bought oil from Russia, global oil prices would have gone higher; because we would have gone into the same market, to the same suppliers that Europe would have done and frankly, as we discovered, Europe would have outpriced us, Jaishankar is quoted as saying then.. So, weve actually softened the oil markets and the gas markets through our purchase policies..
