Russian Oil
India can purchase as much Russian oil it wants, above price cap: US Treasury secy Janet Yellen
New Delhi/IBNS: The US is happy for India to continue buying as much Russian oil as it wants, till it steers clear of Western Insurance, finance and maritime services, bound by the cap, US Treasury Secretary Janet Yellen said Friday as per a Reuters report.
The cap price regulation will lead to lower oil prices and simultaneously reduce Kremlin's revenue, she said on the sidelines of a strengthening US-India ties conference to Reuters.
Russia oil sales will suffer after the European Union (EU) discontinues its imports.
The only route left for Russia would be to sell under capped price or by offering strong discounts from present prices, Yellen said, as per a Reuters report.
"Russia is going to find it very difficult to continue shipping as much oil as they have done when the EU stops buying Russian oil," Yellen said according to a Reuters report.
"They're going to be heavily in search of buyers. And many buyers are reliant on Western services."
G7 nations are still deliberating on the final price cap to be set, which would give major purchasers of Russian Oil like China and India a chance to drive Kremlin crude oil prices down as well.
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