Could INDIA Stop Buying Oil From RUSSIA Soon?
India will take into account a price cap on Russian crude if supplies from Iran and Venezuela are guaranteed.Could INDIA Stop Buying Oil From RUSSIA Soon
WHAT IS A PRICE CAP?
For each unit of gas and electricity used, the price cap places a cap on how much suppliers may charge. A daily standing charge cap is also established. The price cap is not the maximum that anyone can be charged.
The G7 nations have decided on an oil price ceiling plan to prevent the Kremlin from reaping large energy profits. The purpose is to encourage participation from Russian oil consumers.
The G7 countries—Canada, France, Germany, Italy, Japan, the United States, and the United Kingdom—and their finance ministers have already decided to forbid the marine shipment of crude oil and other petroleum products that are purchased from Russia beyond the price cap. Could INDIA Stop Buying Oil From RUSSIA Soon
The goal of the action is to make it harder for Russia to finance its military activities in Ukraine.
However, they deferred setting the price cap until a larger coalition of countries could decide on it.
Will India, join the alliance to put the price restriction on crude oil, according to the US and other G7 countries?
Recently, US Deputy Treasury Secretary Wally Adeyemo visited New Delhi and brought up the subject during discussions with Finance Minister Nirmala Sitharaman and other top officials.
Later, he said that India had expressed a desire to learn more about Russia’s decision to cap the cost of its energy exports.
“Now, the West claims that sanctions must be imposed in order to force the entire world to stop working with Russia.
They hurriedly carry this around and triumphantly said in public that they requested that such-and-such nations implement sanctions against Russia, or else they would suffer the consequences, Lavrov said in Moscow.
“How can they make such arrogant public pronouncements in relation to such countries as India, China, Turkey, Egypt, and Indonesia, from the standpoint of not merely diplomacy but common sense?’
what do you think will India accept the proposal of G7 countries or consider its relations with Russia? This decision will be the toughest one in respect of India.
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