Price Cap On Russian Oil: The US on Friday asked India to join an alliance to fix the price cap of Russian oil. The aim of this alliance is to constrain income sources for Moscow and soften global energy prices. US Deputy Finance Minister Wally Adeyemo, who is on a three-day visit to India, discussed measures to limit Russia’s earnings after the invasion of Ukraine.
During this, measures to strengthen the economic ties between the two countries were also discussed. The US and other G-7 countries are considering imposing price limits on Russian oil if the price of crude oil exceeds US $ 100 per barrel. Adeyemo said that Russia’s energy and food trade is kept out of sanctions and countries like India can trade using any currency, including the local currency.
India showed first interest – Adeyemo
Adeyemo further said that India has shown “deep interest” in the proposal to cap the price of oil coming from Russia. He said that due to the price cap, Russia’s revenue will come down. Significantly, in the background of the attack on Ukraine, America has imposed many sanctions on Russia.
Adeyemo said, “I have spoken to Indian officials and policy makers about coming together to set a price cap and they have also shown keen interest in this subject. This is in line with India’s objective of reducing energy prices for consumers. We are giving them information about this and the dialogue will continue on this subject.
Finance Minister Nirmala Sitharaman met Adeyemo
In fact, some countries, including India, have increased the purchase of oil from Russia and in view of this, America wants to set a limit on the prices of oil coming from Russia. Finance Minister Nirmala Sitharaman met Adeyemo on Friday and held talks with him on various issues, including the Indo-Pacific economic framework and India’s G20 presidency.
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