MOSCOW, 6 Sep — PRIME. India’s oil minister, Shri Hardeep Singh Puri, said on Monday that the country would carefully consider whether to support the G7’s proposal to cap Russian oil prices. It is reported by CNBC.
“There’s a lot of talk because of a lot of factors,” he said.
Asked if India would sign on to the G7 proposal to cap Russian oil prices, Puri said the global economy is still adjusting to the impact of the coronavirus pandemic and events related to Ukraine.
“What will this proposal mean? We will look at it very carefully,” he said.
Puri added that it was not yet clear which countries would take part in the proposed mechanism to cap the price of Russian oil and what the possible implications would be for energy markets.
G7 finance ministers on September 2 confirmed the plan to impose a ceiling on Russian oil prices and called on “all countries” to join the initiative. Earlier, European Commissioner for Economic Affairs Paolo Gentiloni said that the EC’s goal is to introduce a price cap in accordance with the deadlines agreed under the sixth EU sanctions package, that is, December 5, 2022 for crude oil and February 5, 2023 for petroleum products.