MOSCOW (Pakistan Point News / Sputnik - 06th September, 2022) India will be prepared to discuss the proposed price cap on Russian oil only if energy supplies from other countries like Venezuela and Iran are guaranteed, the national newspaper The Economic Times reported on Tuesday, citing sources familiar with the matter.
In late August, US Deputy Treasury Secretary Wally Adeyemo visited New Delhi and stated that the administration of US President Joe Biden invited India to join the coalition to cap Russian oil prices to reduce Moscow's revenues from crude oil, according to the newspaper.
"How can discussion on cap happen when supply sources are restricted? You can talk about a cap after Venezuela and Iran supplies are available in the market," a government official was quoted as saying by the newspaper.
The situation when there is a limit on cheaper energy resources while open market prices rise because of uncertain and restricted supplies is unacceptable for India, the newspaper reported, citing sources.
Last Friday, G7 finance ministers confirmed their intention to impose price caps for Russian oil and called on all nations to support the initiative. The price cap is planned to take effect on December 5 for crude oil and on February 5, 2023, for refined products coming from Russia. Moscow, in turn, pledged to stop exporting Russian oil to the states that would introduce the limits.
Indian Energy Minister Hardeep Singh Puri, commented on the G7 proposal of capping Russian oil, by saying that India would carefully assess whether to support this proposal. The minister added that it was still unclear which countries would participate in the proposed price limitation and what consequences it might have for the markets. He also pointed out that he had no "moral conflict" in connection with the purchase of Russian oil, but had a moral duty to consumers in India.
