Russian Oil Russian oil: India to examine West's price cap proposal, says report
India has said it would examine the proposal by the United States and the European Union (EU) to put a price cap on Russian oil, Reuters reported.
This is yet another strategy devised by the West to constrict Moscow's crude oil revenue, which has irked Russian President Vladimir Putin who wants to prove that he is a hard nut to crack even in the face of crippling sanctions.
Considering West's proposal is not in favour of India's interests, officials and industry captains have warned.
Russia, which now accounts for India's 20 percent of crude imports and its second largest supplier, has threatened to stop supplies to those countries who participate in the price cap plan for its oil, said an official, according to the report.
The proposal could, however, figure in India's oil purchase negotiations with Russia and help the south Asian nation to secure cheaper deals, the official added.
Recently, OPEC+ has decided to cut down oil production to secure revenues amid diminishing demand due to recession in advanced economies.
The US is angry with the decision and alleged that the move would strengthen Russia and this has strained its ties with Saudi Arabia.
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