Indian Foreign Ministry commented on the idea of ​​introducing a “ceiling” on oil prices from Russia

NEW DELHI, Sep 15 – PRIME. India is not a member of the G7 coalition, which is discussing the possibility of imposing a price ceiling on Russian energy resources, and the country buys oil on the market, said India’s First Deputy Foreign Minister Vinay Kvatra.

On September 2, the finance ministers of the G7 countries (Great Britain, Germany, Italy, Canada, the USA, France and Japan) confirmed their intention to impose price restrictions on Russian oil as part of the expansion of sanctions. It is planned that the price limit will be introduced on December 5 for oil and on February 5, 2023 for oil products. Russian representatives warned in response that the countries that would apply the limits would be left without Russian oil exports.

The level of the marginal price for Russian oil has not yet been approved. At the beginning of June there were proposals to set the limit at half the current price. According to Bloomberg, figures of $40-60 are being discussed.

“To your question regarding Russian oil and the price cap coalition. To be clear on this matter – India is not a member of the G7 … Look, we have talked about this several times on other platforms: when Indian organizations go out and try to meet India’s energy needs security and buy oil, they are, in fact, buying it on the market. These are not purchases from state to state,” he said at a briefing on Thursday.

“As for the price capping coalition, what form it will take, what form it will develop into, I think the people, the countries that put forward this idea, can better answer,” Kvatra added.

India’s Oil and Gas Minister Hardeep Singh Puri said in early September about a proposal to cap the price of Russian oil that India would carefully evaluate whether to support the proposal. The minister added that it was still unclear which countries would take part in the proposed price cap and what implications this might have for the markets. He also indicated that he does not have a “moral conflict” in connection with the purchase of Russian oil, but there is a moral obligation to consumers in India.